State-owned SJVN has inked an initial pact with India Oil Corp. to form a joint venture for developing renewable energy projects.
SJVN Chairman and Managing Director Nand Lal Sharma said in a statement that SJVN has entered into an MoU with Indian Oil Corp. to form a joint venture.
The JV company will engage in the development of renewable energy projects, which include solar, wind, hydro and hybrid power projects, it said.
The company will also develop energy storage systems, such as battery storage and pumped storage projects for the supply of round-the-clock power.
The power generated from these projects will be supplied to refineries of IOCL and other establishments of IOCL, and also be sold to third parties through energy exchanges.
Sharma said that both companies will work together to leverage their core strength in project development for developing renewable energy projects.
The JV company will also venture into electric mobility infrastructure, and the production of green hydrogen and other green synthetic fuels.
He said the power produced by the projects of this JV will also help in the mitigation of the carbon footprint of IOCL.
Sharma further said in line with the targets set by the 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 IOCL's target to achieve net-zero operational emissions by the year 2046.
The MOU was signed by RK Gupta, Chief GM, SJVN, and Shantanu Gupta, Executive Director, IOCL, in the presence of Shrikant Madhav Vaidya, Chairman, IOCL and Geeta Kapoor, Director (Personnel) SJVN.
The MoU was signed at the Green Energy Conclave organised by IOCL here. On this occasion, senior officers from SJVN and IOCL were also present.
SJVN has expanded and diversified in hydro, thermal, solar & wind Energy sectors, power transmission & power trading. It 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 in India and Nepal, and is moving towards achieving the shared vision of generating 50,000 MW by 2040.
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