State-owned SJVN and India Oil Corporation have signed a preliminary agreement to create a joint venture for the development of renewable energy projects. Nand Lal Sharma, the chairman and managing director of SJVN, announced that the company has signed an agreement to create a joint venture with Indian Oil Company Ltd. (JV).
The JV company would work on the development of solar, wind, hydro, and hybrid power projects. For the supply of round-the-clock (RTC) power, the company will also develop energy storage solutions, such as battery storage and pumped storage projects. The power produced by these projects will be sold to third parties through energy exchanges in addition to being supplied to IOCL refineries and other IOCL facilities. Sharma
added that the two businesses would collaborate to use their respective strengths in project development to create new renewable energy initiatives.
The JV company will also make investments in the infrastructure for electric transportation, green hydrogen production, and other green synthetic fuels. He added that the power generated by the JV's projects will also aid in reducing IOCL's carbon footprint. Sharma added that SJVN has high aims for the advancement of renewable energy, in line with the targets established by the government.
This MOU will help SJVN and IOCL realise their goals of producing net-zero operational emissions by the year 2046 and the development of renewable energy, respectively. In the presence of Shrikant Madhav Vaidya, Chairman, IOCL, and Geeta Kapoor, Director (Personnel), SJVN, the Agreement was signed by RK Gupta, Chief GM, SJVN, and Shantanu Gupta, Executive Director, IOCL.
The MoU was signed at the IOCL-hosted Green Energy Conference in this location. Senior officers from IOCL and SJVN were present on this occasion. SJVN has grown and diversified in the hydro, thermal, solar, wind, power transmission, and trading industries. In the Indian power landscape, it has grown to be a significant public sector power entity. SJVN's project portfolio currently stands at about 46,879 MW, and it is working to realise the common goal of producing 50,000 MW by 2040 by completing over 75 projects in India and Nepal.