Delhi, September 2024 – KLK Ventures Private Limited is proud to announce the signing of its first Power Purchase Agreement (PPA) under the Uttar Pradesh Renewable Energy Service Company (RESCO) project. This significant milestone is part of a broader initiative led by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) aimed at increasing the state’s renewable energy capacity.
The PPA has been signed for a 600 kW plant at Deoria Medical College. The total work order allotted to KLK Ventures under this project is 5 MW, which will be distributed across various government and semi-government buildings throughout Uttar Pradesh. This marks a vital step in promoting sustainable energy solutions within the state.
As part of UPNEDA’s ambitious plan, a Request for Selection (RfS) was issued on December 15, 2023, inviting bids for the development of 500 MW of Grid Connected Rooftop Solar PV Systems. KLK Ventures, a leading energy partner specialising in energy storage, efficient lighting, and innovative solar solutions, has been allocated this 5 MW project. With over 30 years of experience and manufacturing units in Noida and Bihar, KLK is committed to reducing energy consumption through cutting-edge technologies and advancing green initiatives.
Akshat Jain, CEO of KLK Ventures, stated, “We are thrilled to sign our first Power Purchase Agreement under the UP RESCO project. This initiative not only showcases our commitment to renewable energy but also demonstrates our dedication to supporting the state of Uttar Pradesh in achieving its ambitious sustainability goals. By leveraging our expertise in solar solutions, we aim to provide efficient and cost-effective energy options that will benefit government buildings and the community as a whole. Together, we can pave the way for a greener and more sustainable future.”
The rooftop solar PV project will be implemented under the RESCO model, wherein KLK Ventures will be responsible for the entire lifecycle of the solar PV systems. This includes financing, design, installation, operation, and maintenance, ensuring long-term cost savings for the government through lower electricity rates compared to grid electricity. The RESCO model promotes solar energy adoption by eliminating upfront costs, providing predictable energy costs, and allowing for scalable solutions tailored to the diverse needs of government buildings.
The installation of the 5 MW rooftop solar PV system will facilitate decentralised energy generation, reduce transmission losses, and enhance energy security within the state. This project not only aligns with India’s commitment to renewable energy but also reinforces Uttar Pradesh’s ambitious targets for solar power adoption. KLK Ventures remains dedicated to advancing sustainable energy practices, contributing to the state’s renewable energy goals, and fostering a greener future for all.