SJVN Gets Nod From DIPAM For Four JVs With Ministry Of Power
The four companies will be formed for the development of hydropower and renewable projects in India and Nepal.
SJVN Ltd. has received approval from the Department of Investment and Public Asset Management to set up four joint venture companies with the Ministry of Power.
The four companies will be formed for the development of hydropower and renewable projects in India and Nepal, according to the exchange filing issued on Monday.
The company would be the leading partner for three of the JVs, but its wholly owned subsidiary, SJVN Green Energy Ltd., would be the leading partner for the fourth venture, it said.
The public sector company will undertake a joint venture with Maharashtra State Power Generation Co. to create 5,000-megawatt RE projects. As part of the second venture, SJVN, the government of Arunachal Pradesh, and Navyuga Engineering Co. will collaborate to implement the development of the 1,878-megawatt Oju hydroelectric project in the state, the filing said.
Under the third venture, the hydropower-generating company will join hands with the Nepal Electricity Authority and GMR Energy Ltd. to execute a 900-megawatt Upper Karnali hydroelectric project in Nepal, which will include an equal shareholding partnership between SJVN and GMR.
SJVN Green Energy will also partner with Assam Power Development Co. to develop 1,000-megawatt RE projects in the state.
Currently, SJVN has a presence across India and Nepal, with a project portfolio of more than 56,000 megawatts. The company is involved in hydro, thermal, solar and wind energy, as well as power transmission and trading.
It is also moving towards achieving its vision to generate 50,000 megawatts.
In December, the state-run SJVN won a 100-megawatt solar power project in Gujarat. which would be developed by SJVN Green Energy at a cost of Rs 550 crore. It may be developed anywhere in India and is expected to be commissioned within 18 months from the date of signing of the power purchase agreement, which will be valid for a 25-year period.
Shares of SJVN closed 2.24% higher at Rs 92.98 apiece, as compared with a 0.04% rise in the benchmark BSE Sensex.