Indian Oil Corporation and SJVN will join on renewable energy projects
Industry Outlook Team
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.

Read More News :

Godrej wins contract to make LEAP engine parts for Safran
RRP Electronics to Build ₹12,000 Cr Semiconductor Unit

Most Viewed

  1. Shaping the Future of the Indian Poultry Industry in the New Decade
  2. Factors that are Driving the Growth of FMCG Industry
  3. Maximizing Efficiency through Lean Practices in Engineering, Procurement, and Construction
  4. Simple vertical tube boiler: Construction, working, and advantages
  5. Top Trends in EPC Industry
  6. How the Waterproofing Industry of India is Evolving
  7. Absolute Milk: Fresh Dairy From Farm To Home
  8. Amfico Agencies: A Global Phenomenon For Liquid Logistics Services
  9. Top Five Trends in Mechanical Engineering Services
  10. Tamil Nadu: The Hub of Auto Component Manufacturing
  11. 3 Pillars of Gujarat's Textile Industry
  12. Technological Advancement in the Indian Railway Sector
  13. Effective Strategies for Securing Top Talent in the Pharma Industry
  14. Exploring the Key Role of Herbicides in Revitalizing Cotton Production
  15. Aligning Sustainable Seed Production Business Strategy with Environmental Goals for Indian Terrain
  16. Integration of Bioplastics - The Future we seek has its Roots in the Past
  17. How to Improve ESG Performance and Build Sustainable Business Practices
  18. Mapping the Growth Trajectory of the Indian Agriculture Sector
  19. Innovations & Challenges in the Indian Cement Industry

Editor's Column

Industry Experts

🍪 Do you like Cookies?

We use cookies to ensure you get the best experience on our website. Read more...

Top