SJVN's wholly owned subsidiary SJVN Green Energy Limited (SGEL) signed Memorandum of Understanding (MoU) with Grid Corporation of Odisha (GRIDCO) at Bhubaneswar for developing Hydro and Solar power projects.
Nand Lal Sharma, Chairman and Managing Director of SJVN stated that the MoU has been inked for developing 1000 MW Hydro Electric Project and 2000 MW Solar Power Project in Odisha by incorporating a Joint Venture Company.
It was signed in presence of Chief Minister of Odisha Naveen Patnaik, Power Minister Pratap Kesari Dev and Nand Lal Sharma, CMD, SJVN.
During the occasion, AK Singh, Director (Finance), SL Sharma, CEO (SGEL) along with other senior officials of the state government, SJVN and SGEL were also present.
Sharma stated that the development of 1000 MW Hydro Electric Project and 2000 MW Solar Power Project will attract an investment of Rs 20,000 Crores in Odisha.
The 2000 MW Solar Power Project is expected to generate 4207 MU in first year and a cumulative generation of around 96797 MU over a period of 25 years. With the commissioning of this project, carbon emission reduction to the tune of 206143 tonne for the first year and 4743053 tonne for complete life span would be achieved.
"This MOU will pave a way for formation of Joint Venture between SGEL and GRIDCO for generating green power, new direct & indirect employment opportunities, boost to local businesses, carbon emission reduction, sustainable and overall development of the state. This will also enhance green generation capacity and will help in meeting the Renewable Purchase Obligation target of Odisha." said Sharma.
During Make in Odisha Conclave 2022, Sharma also participated in the panel discussion on the topic ‘Towards Greener Energy along with other eminent dignitaries.
The present total portfolio of SJVN is around 42,000 MW and out of this around 97 percent is based on non-fossil fuel sources with presence pan India and abroad. Company has achieved exponential growth in recent years and now has 69 Projects under various stages of development.
SJVN has aligned its Shared Vision of 5000 MW by 2023, 25000 MW by 2030 and 50000 MW capacity by 2040 with that of Government of India's target of achieving 50 percent energy from non-fossil fuel sources by 2030.
As a strategic and reliable partner, SJVN plans to play a vital role in clean energy transition of the nation.