New Delhi: SJVN Limited's Chairman & Managing Director (CMD) Nand Lal Sharma informed that SJVN has entered into an MoU with Indian Oil Corporation Limited (IOCL) for the formation of a joint venture (JV). The JV company will engage in the development of renewable energy projects, which include solar, wind, hydro & hybrid power projects. The company will also develop energy storage systems such as battery storage and pumped storage projects for the supply of round-the-clock (RTC) power. The power generated from these projects will be supplied to refineries of Indian Oil, other establishments of Indian Oil and will also be sold to third parties through energy exchanges.
Sharma further said that, both companies will work together to leverage their core strength in project development for developing renewable energy projects for the supply of round-the-clock (RTC) power. The JV company will also venture into electric mobility infrastructure, production of green hydrogen and other green synthetic fuels. He further said that the power produced by the projects of this JV will also help in the mitigation of the carbon footprint of IOCL. The joint venture will bring together SJVN, a frontrunner in the power sector and Indian Oil, one of the major players in the oil sector on a common platform, the association will certainly play a vital role in the growth story of the nation.
Sharma further said in line with the targets set by the Union Government, SJVN has ambitious goals for the development of renewable energy. This MoU will be a step towards meeting SJVN’s targets of developing renewable energy as well as Indian Oil’s target to achieve net-zero operational emissions by the year 2046.
The MoU has been signed by SJVN's Chief General Manager RK Gupta and Indian Oil's Executive Director Shantanu Gupta in the presence of Indian Oil's Chairman Shrikant Madhav Vaidya and SJVN's Director (Personnel) Geeta Kapoor. The MoU was signed at the Green Energy Conclave organised by Indian Oil in New Delhi. On this occasion, senior officers from SJVN and IOCL were also present.
Sharma further said that in the backdrop of Prime Minister Narendra Modi’s commitment to generate 500 GW Energy by 2030 from non-fossil sources and to align with our country’s net-zero ambition by the year 2070, the Government of India is focusing on the development of renewable sources. SJVN is adding significant capacities in its portfolio to pursue this vision.
SJVN has expanded and diversified in hydro, thermal, solar & wind energy sectors, power transmission & power trading. The company has emerged as a major public sector power entity in the Indian power scenario. Currently, the project portfolio of SJVN is around 46,879 MW, executing around 75 projects pan India and in Nepal and is marching towards achieving the shared vision of generating 50,000 MW by 2040.
(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.)