ReNew Power and Shapoorji Pallonji will collectively invest nearly Rs 750 crore in 150 MW floating solar power project in Uttar Pradesh. This is touted to be the first such project in Uttar Pradesh, and is also the largest floating solar energy project in India.
The project will come up at the existing Rihand Hydro Power Project of Uttar Pradesh Jal Vidyut Nigam (UPJVNL) at Sonbhadra in Bundelkhand region. ReNew Power and Shapoorji Pallonji will develop 100 MW and 50 MW of the solar power capacity, respectively.
The companies will supply solar power to state power utility, the Uttar Pradesh Power Corporation (UPPCL), for the next 25 years after commissioning, at the rate of Rs 3.36 per unit. The project will take 21 months to complete once started, since it will not entail any land acquisition. Since it will utilise the same power evacuation lines currently used by hydro power project, the capital expenditure (capex) has been lower.
The two companies had won the project after competitive bidding, conducted by the Solar Energy Corporation of India, while state energy regulator, the Uttar Pradesh Electricity Regulatory Authority (UPERC), had approved these proposals recently. The Uttar Pradesh government is planning to build renewable energy capacity of 10,700 MW in near future.
The government is even promoting rooftop solar power installations to encourage households generate captive solar energy for consumption. The government had even forwarded a proposal to the Centre for developing Rs 4,000 crore Green Energy Corridor in Bundelkhand.
The state plans to invest Rs 20,000 crore in ramping up state power transmission infrastructure over the next five years.