SAEL Industries Signs PPAs for 880 MW Solar Projects in Punjab and Gujarat

SAEL Industries has entered into two separate power purchase agreements for a total of 880 megawatt (MW) of solar projects across Punjab and Gujarat, as per news reports. The projects will be developed by the company’s subsidiaries and are targeted for completion within 2 years.

About Punjab Project

In Punjab, SAEL Solar P15 Private Ltd signed a PPA with the Punjab State Power Corporation Limited (PSPCL). The agreement covers a 400 MW AC solar photovoltaic project to be set up in the state. The scheduled commercial operation is expected within 24 months of signing. PSPCL will purchase the power at a tariff of ₹2.97 per kilowatt-hour (kWh) for a 25-year term.

About the Gujarat Project

For Gujarat, SAEL signed agreements through SAEL Solar P Sixteen Pvt Ltd and SAEL Solar P Seventeen Pvt Ltd with Gujarat Urja Vikas Nigam Ltd (GUVNL). Together, these account for 480 MW AC of solar capacity. This includes an initial 240 MW allocation and an additional 240 MW awarded under the greenshoe option.

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Tariffs and Timelines

The Gujarat projects will supply power to GUVNL at a tariff of ₹2.56 per kWh for 25 years. Like Punjab, the projects are expected to begin commercial operation within 24 months of signing. Both states’ agreements lock in supply terms for a long duration, providing fixed tariff structures.

Conclusion

The combined 880 MW capacity is divided between 400 MW in Punjab and 480 MW in Gujarat. All projects are slated to be operational in the next two years, supplying electricity to state utilities under long-term agreements.

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