New Delhi – In a momentous stride toward strengthening India’s renewable energy sector, SJVN, a prominent player in power generation, has entered into a landmark Memorandum of Understanding (MoU) with Power Finance Corporation (PFC). This financial agreement, valued at an impressive Rs. 1,18,000 crores, is poised to support a comprehensive portfolio of projects spanning renewable and thermal energy ventures.
Nand Lal Sharma, Chairman & Managing Director of SJVN, expressed his enthusiasm for this transformative partnership, underscoring its profound implications. Under the terms of the MoU, PFC has committed to financing a spectrum of SJVN’s projects, encompassing solar, hydro, pumped storage, and thermal energy initiatives, with an estimated total project cost of approximately Rs. 1,18,000 crores. Sharma highlighted that term loan financial assistance is tentatively set at 70% of the project cost, with the potential for an increase in funding for renewable energy projects based on project-specific requirements.
The formal signing of the MOU marked a historic milestone and was attended by key dignitaries from both organizations. Nand Lal Sharma, Chairman & Managing Director of SJVN, and Parminder Chopra, Chairman & Managing Director of PFC, were present to witness this significant moment. The MoU was signed by Akhileshwar Singh, Director (Finance) of SJVN, and Manoj Sharma, Director (Commercial) of PFC. The presence of Geeta Kapur, Director (Personnel) of SJVN, and senior officials from both SJVN and PFC underscored the importance of this collaboration.
SJVN has been actively forging partnerships with other power CPSEs to develop renewable energy projects, thereby expanding its footprint in the renewable energy sector. This aligns with the Government of India’s ambitious target to achieve 50% of its installed capacity from non-fossil fuel sources by 2030. The collaboration also aligns with SJVN’s corporate goals, which include achieving a 12,000 MW capacity by 2026 and a shared vision of 50,000 MW installed capacity by 2040.
The SJVN-PFC partnership is poised to play a pivotal role in accelerating India’s transition to cleaner and more sustainable energy sources while driving economic growth in the energy sector. It is set to make a substantial contribution toward achieving the country’s renewable energy objectives, reducing carbon emissions, and meeting the ever-growing energy demands of the nation.
This groundbreaking collaboration between SJVN and PFC signifies a significant stride forward in India’s journey toward a greener and more sustainable energy future, showcasing the commitment of both organizations to environmental responsibility and energy security.
