Shimla: 15.03.2023
Nand Lal Sharma, Chairman & Managing Director, SJVN informed that SJVN has entered into an MoU with Indian Oil Corporation Limited (IOCL) for formation of Joint Venture (JV). 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.
Nand Lal 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 further said 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.
Nand Lal Sharma further said that in the backdrop of Hon’ble Prime Minister Narendra Modi’s commitment to generate 500 GW Energy by 2030 from Non-Fossil Sources and to align with our country’s Net-Zero ambition by the year 2070, Government of India is focusing on the development of renewable sources. SJVN is adding significant capacities in its portfolio to pursue this vision.
SJVN has expanded and diversified in Hydro, Thermal, Solar & Wind Energy sectors, Power Transmission & Power Trading. Company 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 pan India and in Nepal and is marching towards achieving the shared vision of generating 50,000 MW by 2040.
