NLC India Limited has announced that its wholly owned subsidiary, NLC India Renewables Limited (NIRL), is developing a 110 MW Solar Power Project. This project is being undertaken through NIRL NCRTC Renewables Limited (NNRL), a joint venture between NIRL and NCRTC. A Power Purchase Agreement (PPA) has been executed with NCRTC for the power generated, which will be procured under a captive mode for 25 years. The project is slated for development in Uttar Pradesh.
Subsidiary Spearheads New Solar Initiative
NLC India Limited has disclosed details regarding a significant renewable energy project being developed by its subsidiary, NLC India Renewables Limited (NIRL). NIRL is undertaking the development of a new 110 MW Solar Power Project. This initiative is being executed through NIRL NCRTC Renewables Limited (NNRL), a joint venture entity established by NIRL and the National Capital Region Transport Corporation Limited (NCRTC).
Joint Venture and Power Purchase Agreement
The joint venture, NNRL, sees NIRL holding an equity stake of 74%, with NCRTC holding the remaining 26%. A key milestone has been achieved with the execution of a Power Purchase Agreement (PPA) between NNRL and NCRTC in New Delhi. Under this agreement, the power generated from the 110 MW solar project will be procured by NCRTC through a captive consumption arrangement, expected to last for a period of 25 years.
Project Details and Location
The PPA also stipulates a Scheduled Commissioning Date for the project within 24 months from the date of the PPA signing. The project is anticipated to generate an annual energy output of 180 Million Units (MU). The strategic location for this solar power development has been identified as the state of Uttar Pradesh.
Source: BSE
