Sunday, May 22, 2022

SJVN ropes in REIL for development of solar energy projects

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New Delhi: SJVN Limited on Wednesday entered into an MoU with Rajasthan Electronics and Instruments Limited (REIL) for providing consultancy services in the development of solar energy projects to be set up by SJVN Limited in different locations across the country. REIL is a Miniratna PSU under the Ministry of Heavy Industries, having the mandate to implement and promote solar PV projects of the Ministry of New & Renewable Energy (MNRE) which also includes the development of both grid-connected and off-grid solar power projects.

The MoU has been signed by SJVN's Director (Finance) AK Singh REIL's Managing Director Rakesh Chopra. On this occasion, CGM (BDE) RK Gupta and other senior officials of SJVN & REIL were also present.

SJVN CMD informed that under the MoU signed today, SJVN will develop the solar power projects at suitable locations and REIL, having expertise in the field of solar power projects, shall assist SJVN in post-award project management consultancy services during the implementation of solar power plants.

Sharma also informed that SJVN has a portfolio of 41 projects of 16,422 MW capacity and has already won 1,670 MW solar power capacity through a competitive bidding process. The company is targeting CAPEX of Rs 8,000 crore in FY23.  SJVN will rely on a variety of sources for funding, like debt-free cash flow from other projects, the bond market, ECB, etc for funding of its capacity expansion.

SJVN has its presence in the States of Himachal Pradesh, Bihar, Maharashtra, Uttar Pradesh, Uttarakhand, Gujarat, Rajasthan, Punjab, Arunachal Pradesh in India and Nepal and Bhutan internationally.

Recently at UN Climate Change Conference (COP-26), Prime Minister Narendra Modi had started India’s intent of generating 500 GW of renewable energy by 2030. SJVN has aligned its targets in line with the target set by the government with the shared vision of capacity addition of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW by 2040.

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