Jakson Green Pvt. signed its first power purchase agreement with state-run NHPC Ltd. for a 400-megawatt solar project in Rajasthan. The power purchased by NHPC for 25 years is provisioned for sale to electricity distribution companies.
Last year, Jakson Green won the competitive bidding process conducted by NHPC for the clean energy project, securing a tariff of Rs 2.53 per unit. The project is scheduled for commissioning within 24 months of signing the PPA.
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The solar project will be located in Rajasthan and connected to the central grid, with an expected clean energy generation sufficient to power around 4 lakh households annually, the company said in a statement.
A power purchase agreement is a deal where a developer arranges for the design, permitting, financing and installation of a project on a customer's property at little to no cost. The developer sells the power generated to the host customer at a fixed rate that is typically lower than the local utility's retail rate.
The Jakson Group-backed company plans to deliver 15-gigawatt clean energy capacity by 2030. The NHPC deal places the company with a portfolio of 1 GW.
Jakson Green has recently set up the electrolyser manufacturing unit, besides building and operating green hydrogen assets globally.
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