Indian hydroelectric power generation company Satluj Jal Vidyut Nigam (SJVN) plans to develop 10GW worth of solar power projects in the Indian state of Rajasthan with a Rs500bn ($6.6bn) investment over the next five years.

The state-run SJVN submitted a letter of intent that was accepted by the state government, according to the Economic Times.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The two parties are expected to sign a memorandum of understanding in the near future.

SJVN chairman and managing director Nand Lal Sharma said that the power projects will be developed at sites allocated by the electricity utility Rajasthan Renewable Energy Corporation.

The projects will be developed in phases and the clean energy they generate will be supplied to beneficiaries via the nearest substations.

Power purchase agreements for the renewable energy will be signed according to competitive tariff-based opportunities.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The solar projects are expected to create around 15,000 direct and indirect jobs in total, as well as other socioeconomic benefits for the project areas.

Sharma said: “SJVN has proposed to develop solar power projects in Rajasthan as the state has the largest solar power potential in the country.

“It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the projects.”

Sharma added that the company currently has 2.7GW of renewable energy capacity in its portfolio and has set a new target of installing 25GW by 2030 and 50GW by 2040.

Earlier this month, the Indian government allocated $2.62bn in its Union Budget to support solar module manufacturing in the country.

The government also plans to issue ‘green bonds’ for environmentally friendly projects and raise capital to support government projects as part of India’s efforts to decarbonise its economy.