According to foreign media reports, Indian hydropower developer SJVN recently said that it plans to develop 10GW of photovoltaic projects in Rajasthan in the next five years, with a total investment of 500 billion rupees (about 42.4 billion US dollars).

“We have submitted a letter of intent to develop a 10GW photovoltaic power generation project in Rajasthan over the next five years,” the company said in a statement issued by the company.

According to the statement, the Rajasthan government has accepted the SJVN company’s offer and will soon sign a memorandum of understanding in this regard.

Commercial production of the project will begin in stages, and the electricity it will generate will be delivered to users via an adjacent substation.

The power purchase agreement for the project will be signed through competitive opportunities in the market based on electricity prices. Sharma further added that the project will provide direct and indirect employment opportunities for about 15,000 local people.

Sharma said SJVN has redefined its business model and made a big push to its renewable energy portfolio, driven by the Indian government’s commitment to meet its target of deploying 500GW of renewable energy by 2030. “SJVN has proposed to develop PV projects in Rajasthan, which has the largest PV potential in India with more than 325 sunny days a year. These factors are all in our favor to develop these projects,” he said.

Sharma said SJVN has 2,750MW of renewable energy projects in its portfolio. He added that the company recently raised its renewable energy deployment target to 25GW by 2030 and 50GW by 2040.