UP to draw Rs 880 cr investment into solar power projects
The power deficit state of Uttar Pradesh would soon get investment of about Rs 880 crore in solar power projects totalling 110 Megawatt (Mw).
UP is targetting 500 Mw of grid solar energy by 2017 under its Solar Power Policy 2013.
Last year, the government had signed power purchase agreements (PPA) with these developers on rates ranging from Rs 8.01/unit to Rs 9.33/unit.
A typical solar power plant requires investment of Rs 8 crore per Mw of installed capacity. Initially, the power tariffs of a solar power plant is quite high, however, over a period of time, it would aggregate cheaper for the state.
The developers include, Essel Infraprojects (50 Mw), Moser Baer Clean Energy (20 Mw), Azure Surya (10 Mw), Refex Energy (10 Mw), D K Infracon (10 Mw) and Jackson Power(10 Mw).
In August 2013, the state government had issued Letter of Intent (LoI) to companies, wherein they were stipulated to complete solar energy project in 13 months, preferably in the arid Bundelkhand region to avail of additional sop of free wheeling in of power to grid.
The nodal agency for these solar projects is UP New andRenewable Energy Development Agency (UPNEDA).
Source: Business Standard