SJVN signs pact with Odisha’s GRIDCO to form JV for hydro, solar projects

The MoU has been inked for developing 1,000 MW Hydro Electric Project and 2000 MW solar power project in Odisha by incorporating a joint venture company

Alt=
Make in Odisha Conclave 2022: SJVN signs MoU for 3000 MW hydro & solar power projects

New Delhi: SJVN Limited‘s Chairman & Managing Director (CMD) Nand Lal Sharma informed that a memorandum of understanding (MoU) has been signed between SJVN’s wholly owned subsidiary SJVN Green Energy Limited (SGEL) and Grid Corporation of Odisha (GRIDCO) at Bhubaneswar. The MoU has been inked for developing 1,000 MW hydro-electric project and 2,000 MW solar power project in Odisha by incorporating a joint venture company.

The MoU has been signed in the august presence of Chief Minister of Odisha Naveen Patnaik, State Power Minister Pratap Kesari Dev and SJVN CMD. On this occasion, SJVN’s Director (Finance) AK Singh, SGEL’s CEO SL Sharma along with other senior officials of the state government, SJVN and SGEL were also present.

Sharma stated that the development of 1,000 MW Hydro Electric Project and 2,000 MW Solar Power Project will attract an investment of Rs 20,000 crores in Odisha. The 2,000 MW solar power project is expected to generate 4,207 MU in first year and a cumulative generation of around 96,797 MU over a period of 25 years. With the commissioning of this project, carbon emission reduction to the tune of 2,06,143 tonne for the first year and 47,43,053 tonne for the complete life span would be achieved.

“This MoU will pave a way for the formation of joint venture between SGEL and GRIDCO for generating green power, new direct & indirect employment opportunities, boost to local businesses, carbon emission reduction, the sustainable and overall development of the state. This will also enhance green generation capacity and will help in meeting the Renewable Purchase Obligation target of Odisha.” said Nand Lal Sharma.

During Make in Odisha Conclave 2022, Sharma also participated in the panel discussion on the topic ‘Towards Greener Energy along with other eminent dignitaries.

(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.)