SAEL signs PPAs with Gujarat and Punjab utilities for 880 MW solar projects

SAEL Industries Limited has entered into two long-term power purchase agreements with state utilities in Gujarat and Punjab, covering a combined solar capacity of 880 MW.

SAEL Solar P Sixteen and SAEL Solar P Seventeen, both subsidiaries of SAEL, signed an agreement with Gujarat Urja Vikas Nigam Limited (GUVNL) for 480 MW. This includes 240 MW from the initial award and another 240 MW under the greenshoe option. Electricity from the project will be supplied at a tariff of Rs 2.56 per unit for 25 years.

In Punjab, SAEL Solar P15 signed a separate PPA with Punjab State Power Corporation Limited (PSPCL) for 400 MW of capacity. Power will be supplied at a tariff of Rs 2.97 per unit for 25 years. Both projects are expected to be completed within 24 months from the signing date.

Last month, the company also commissioned a 50 MW ground-mounted solar project in Beed, Maharashtra, through its subsidiary Solar RE Power.