DIPAM has agreed to the proposal of SJVN and the Ministry of Power to form four Joint Venture companies for the development of hydro and renewable projects in India and Nepal
New Delhi: Clean energy PSU SJVN Limited on Monday said that the Department of Investment & Public Asset Management (DIPAM), Govt of India has agreed to the proposal of SJVN and the Ministry of Power to form four joint venture (JV) companies for the development of hydro and renewable projects in India and Nepal.
SJVN’s Chairman & Managing Director (CMD) NL Sharma said that SJVN will be the leading partners in three Joint Venture companies, whereas SJVN’s wholly owned subsidiary SJVN Green Energy Limited (SGEL) will be the leading partner in the fourth JV. SJVN will form a JV with Maharashtra State Power Generation Company Limited (MSPGCL) to develop 5000 MW RE projects. Another JV will be between SJVN, Government of Arunachal Pradesh & Navyuga Engineering Company Limited. The JV will execute the development of the 1878 MW Oju Hydro Electric Project in the state of Arunachal Pradesh.
In the backdrop of 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, Govt 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 and wind energy, power transmission and power trading. The company has emerged as a major public sector power entity in the Indian power scenario. Currently, the project portfolio of SJVN is more than 56,000 MW, with a presence in Pan India and Nepal.