ReNew Power and Shapoorji Pallonji have decided to collectively invest nearly Rs 750 crore in a 150 megawatt (mw) floating solar power project in Uttar Pradesh.
Speaking to reporters after the state cabinet meeting chaired by chief minister Adityanath, UP energy minister Shrikant Sharma said ReNew Power and Shapoorji Pallonji will develop 100 mw and 50 mw of the solar power capacity, respectively.
Besides being touted as first such project in UP, it is also the largest floating solar energy project in India. The project would come up at the existing Rihand hydro power project of UP Jal Vidyut Nigam Limited (UPJVNL) at Sonbhadra in the arid Bundelkhand region, bordering Madhya Pradesh, Chhattisgarh, Jharkhand and Bihar.
According to Sharma, the companies would supply solar power to state power utility UP Power Corporation Limited (UPPCL) for the next 25 years after commissioning, at the rate of Rs 3.36 per unit.
He added: “The PPAs signed under previous governments were steeper and had burdened the consumers with high tariffs. We are trying to offload high tariffs by signing PPAs having cheaper rates.”
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