Shimla: SJVN has entered into an MoU with Indian Oil Corporation Limited (IOCL) for formation of Joint Venture (JV) for development of renewable energy projects, Mr Nand Lal Sharma, Chairman & Managing Director, SJVN stated here today.
The JV company will engage in development of Renewable Energy Projects, which includes Solar, Wind, Hydro & Hybrid Power Projects. The company will also develop Energy Storage Systems such as Battery Storage and Pumped Storage Projects for supply of Round the clock (RTC) Power.
The power generated from these projects will be supplied to Refineries of IOCL, other establishments of IOCL and will also be sold to third parties through energy exchanges.
Sharma further said that both the companies will work together to leverage their core strength in project development for developing Renewable Energy Projects for 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 Power Sector and IOCL, one of the major player in Oil Sector on a common platform, the association will certainly play a vital role in the growth story of Nation.
Sharma added that in line with the targets set by the Union Government, SJVN has ambitious goals for 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 Shri R. K. Gupta, Chief GM, SJVN, and Shri. Shantanu Gupta, Executive Director, IOCL in the gracious presence of Shri Shrikant Madhav Vaidya, Chairman, IOCL and Smt. Geeta Kapoor, Director (Personnel) SJVN. The MoU was signed at the Green Energy Conclave organized by IOCL at New Delhi. 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.