State-owned Satluj Jal Vidyut Nigam (SJVN) on Thursday said it has incorporated a new subsidiary for executing renewable projects.
The new subsidiary, SJVN Green Energy Ltd (SGEL), shall work in the verticals of power generation from renewable sources such as solar parks, wind & hybrid projects, battery energy storage system, assets creation in wave, biomass, small hydro and green hydrogen-based business ventures, said an official statement.
“Incorporated with an authorized and paid up capital of Rs 50 crore, SGEL shall work as a special purpose vehicle of SJVN for the implementation of renewable projects countrywide. The incorporation of SGEL accentuates our commitment to contribute in actualizing Government of India’s target of 500 GW capacity additions from non-fossil fuel resources by 2030,” SJVN Chairman & Managing Director Nand Lal Sharma said in a statement.
The subsidiary shall have its registered office at Shimla, Himachal Pradesh and will commence business operations shortly. At present, SJVN has a portfolio of more than 16,900 MW with presence in 9 states of India besides two neighbouring countries namely Nepal and Bhutan.
Last month, the Himachal Pradesh state government signed a Memorandum of Understanding (MoU) with SJVN for the development of an 800 MW solar power plant in Spiti region.
The same month, SJVN announced that it had secured a 100 megawatt (MW) grid-connected solar power project in Gujarat through tariff-based competitive bidding conducted by Gujarat Urja Vikas Nigam (GUVNL). The project is expected to generate 245.28 million units of energy annually and the cumulative energy generation over a period of 25 years will likely be about 6,132 million units.
An Indian public sector undertaking involved in hydroelectric power generation and transmission, SJVN was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.
The firm has has also won right to develop projects in more states, paricularly states where the government has been pushing to have solar footprint expanded, like Bihar, where it is developing a 200 MW project, the largest in that state. Along with other PSU energy majors led by NTPC, SJVN is pushing hard to maintain a strong public sector core in India’s solar capacity expansion.
Source: saurenergy.com
