New Delhi: SJVN has signed an agreement with Indian Oil Corporation Limited (IOCL) for the formation of a Joint Venture (JV) for the development of Renewable Energy Projects, which include Solar, Wind, Hydro & Hybrid Power Projects.
The MOU was signed by R.K Gupta, Chief GM, SJVN, and Shantanu Gupta, Executive Director, IOCL at the Green Energy Conclave organized by IOCL in New Delhi.
The company will also develop Energy Storage Systems such as Battery Storage and Pumped Storage Projects for the supply of round the clock Power. The power generated from these projects will be supplied to Refineries of IOCL, and other establishments of IOCL and will also be sold to third parties through energy exchanges.
SJVN CMD Nand Lal Sharma informed that both companies will work together to leverage their core strength in project development for developing Renewable Energy Projects. The JV company will also venture into Electric Mobility Infrastructure, Production of Green Hydrogen and other Green Synthetic Fuels.
“The power produced by the projects of JV will help in the mitigation of the carbon footprint of IOCL. The joint venture will bring together SJVN, a frontrunner in the Power Sector and IOCL, one of the major player in the Oil Sector on a common platform, the association will certainly play a vital role in the growth story of the Nation,” Sharma said and further added that the joint venture would help to achieve the SJVN’s targets of developing Renewable Energy as well as IOCL’s target to achieve net-zero operational emissions by the year 2046.
