SGEL will develop 1000 MW project anywhere in the country and balance 200 MW in the state of Punjab. The solar projects shall be developed on build own and operate (BOO) basis. Tentative cost of construction / development of 1200 MW project is around Rs 7000 crore.

The projects are expected to generate 2997 MUs in the first year and the cumulative energy generation over a period of 25 years would be about 69661 MUs.

The project shall be commissioned in a period of 18 months from the date of signing of PPA and expected to be commissioned by December 2024.The PPA shall be signed between PSPCL and SGEL for 25 years.

The commissioning of this Project is expected to reduce 34.2 Lakhs Tonnes of carbon emission and would contribute in GoI mission of reduction in carbon emission.

Separately, SJVN announced that it has signed an MoU with REC (REC) for financing the projects of the company and its subsidiaries and joint ventures to the extent of Rs 50,000 crore.

REC will provide financial assistance to set up new power generating stations based on conventional and renewable sources of energy. REC will also assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage, manufacturing units for green projects. The MoU covers construction of evacuation and transmission projects and includes strengthening/improvement of existing transmission system.

SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

The power generation company's consolidated net profit surged 129.77% to Rs 17.21 crore on 55.93% jump in revenue from operations to Rs 503.77crore in Q4 FY23 over Q4 FY22.