New Delhi: SJVN Limited has signed an MoU with REC Limited for financing its Renewable Energy projects. REC has agreed to finance the projects of SJVN and its subsidiaries and joint ventures to the extent of Rs 50,000 crores. Both organisations are PSUs and fall under the Ministry of Power.
According to SJVN CMD, REC will provide financial assistance to set up new power generating stations based on conventional and renewable sources of energy. REC will also assist financially in setting up new technology projects like Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, Manufacturing Units for Green Projects.
The MoU covers construction of evacuation and transmission projects and includes strengthening/improvement of existing transmission system.
Sharma reiterated SJVN’s commitment to achieve 25 GW of generation capacity by end of current decade, more than half of which is bound to come from renewable resources.