New Delhi: Shimla-based green energy PSU SJVN Limited has signed a memorandum of understanding (MoU) with the Government of Rajasthan for developing 10 GW renewable energy projects and parks in the state. With the addition of 10,000 MW capacity, the portfolio of SJVN has now reached 42,000 MW.

The MoU has been signed by SJVN Limited's Chairman & Managing Director (CMD) Nand Lal Sharma and Govt of Rajasthan's Principal Secretary (Energy) Bhaskar Sawant, in the august presence of Chief Minister of Rajasthan Ashok Gehlot in New Delhi on Wednesday. On this occasion, Industries Minister of Rajasthan, Shakuntala Rawat, SJVN's Director (Personnel) Geeta Kapur, Director (Finance) AK Singh, SJVN Green Energy Limited's CEO SL Sharma and other senior officials of the government of Rajasthan and SJVN were also present.

According to SJVN CMD, the company will establish the 10,000 MW renewable energy projects and parks on the land banks to be allocated by Rajasthan Renewable Energy Corporation Limited in the state. An investment of around Rs 50,000 crore will be made for developing these projects in the next five to seven years. These projects/parks will usher in socio-economic development in the state and will open up multiple direct and indirect employment opportunities.

Sharma further said that "With this massive portfolio addition, we are contributing to meeting the growing need for carbon emission-free and cost-effective energy to strengthen the sustainable development of the nation. These projects/parks will not only reduce the country's reliance on fossil fuels but will also help in mitigating effects of climate change which has become a cause of concern for all."

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)