Tata Power Renewable Energy Ltd. (TPREL) has received the Letter Of Intent to develop 100 MW of solar projects in Karnataka.
Additionally, the company will sign a 25 year Power Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Ltd.
In April, we reported that TPREL won two Solar grid connected photovoltaic projects of 50 MW capacity each in Pavagada Solar Park in the Tumkur district of Karnataka. The projects were awarded through OPEN category under the Jawaharlal Nehru National Solar Mission (JNNSM) Phase-Il Batch-Il Tranche-l under ‘State Specific Bundling Scheme’.
The JNNSM, launched in January 2010, is a major initiative of the Government of India that aims to establish India as a global leader in solar energy by creating favourable policy conditions for its diffusion across the country. JNNSM had initiatilly set a target to 20 GW of solar installations by 2022, that was reset to achieve five times more at 100 GW by 2022.
Speaking on this development, Mr. Anil Sardana, CEO & Managing Director, Tata Power, said,
“Tata Power is delighted at this project win as it further fortifies our vision of generating 30-40 per cent of the Company’s total generation capacity from non-fossil fuel sources by 2025. The two solar projects will add 100 MW of non-fossil fuel energy to our total generation capacity, thereby, significantly increasing our green footprint. This move is line with the Government’s set target of 100 GW from solar energy by 2017. In the next 5 years, the Company plans to significantly add to its solar generation capacity.”