Metro India News | AMARAVATI

The steps taken by the Andhra Pradesh government to attract industries in the state are yielding good results. In this context, another mega solar power project is being set up by SAEL Solar MHP1 Private Limited with an estimated investment of Rs 1130 crores.  SAEL bagged the 300 MW solar power project in a competitive bidding conducted by Solar Energy Corporation of India(SECI). DISCOMs are not required to enter into a power purchase agreement with that company.

As per the provisions of the electricity export policy, the power from the project has to be given as a first priority if the state so desires it. Otherwise, the company will be able to sell the current in other states. SAEL operates more than 6.5 GigaWatts of independent power generation projects. It is also operating a 3.5 GW solar module manufacturing unit using advanced tunnel oxide-posed contact technology. It operates 11 waste-to-energy plants in Punjab, Haryana and Rajasthan. The company consumes 2 million tonnes of agricultural waste annually through them.

SAEL said it will raise the funds required for setting up the project from foreign financial institutions. Asia Infrastructure Investment Bank, New Development Bank and Society General Group will provide Rs 377 crores each, according to the bidding proposal submitted to SECI. The amount will be used by the company for the implementation, development and maintenance of the project. The government has set a target of setting up 16,000 MW of solar power projects under the power export policy. Solar Power Plants with a capacity of 12,200 MW have been allowed to be set up through five ultra mega projects.