State-run SJVN on Thursday said that it had bagged a contract to build, own and operate an 83-mw floating solar project worth Rs 585 crore in Madhya Pradesh. The project has been secured at a tariff of Rs 3.70 per unit on build-own-and-operate basis in an e-reverse auction (e-RA) organised by REWA Ultra Mega Solar (RUMSL), the company said in a statement. 

SJVN Chairman and Managing Director Nand Lal Sharma said that the company would develop the project in India’s largest floating solar park in Omkareshwar in Khandwa district of Madhya Pradesh. 

The cost of developing the floating solar project would be approximately Rs 585 crore, the statement added.

After commissioning, the project would generate 187 million units in the first year and 4,410 million units over a period of 25 years. Its commissioning was expected to reduce approximately 2,16,074 tonnes of carbon emission in 25 years, it added. 

The power purchase agreement (PPA) will be signed between RUMSL and SJVN for 25 years. The project will be commissioned within 21 months from the date of signing of PPA. 

“This is our second floating solar project bagged through tariff-based competitive bidding process from RUMSL. We are already developing a 90-mw floating solar project in Madhya Pradesh,” Mr Sharma added. SJVN is developing these projects in the country's largest floating solar park at Omkareshwar in Khandwa District of Madhya Pradesh.