State-owned SJVN has inked a memorandum of understanding with engineering firm BHEL and REMC Limited to develop renewable energy projects.
SJVN CMD Nand Lal Sharma in a statement on Monday said that the company has entered into a landmark agreement with REMC Limited and BHEL for the development of renewable energy projects for Indian Railways.
The signing of the MoU would usher in a new era of more efficient consumption of power in the Indian Railways, while also leading to more competitive tariffs for the overall benefit of consumers, according to the statement.
Sharma said that under the MoU signed today, all the parties will work together to leverage their core strength in project development for the establishment of renewable energy projects for use by Indian Railways.
This pact will be a step toward meeting SJVN’s target of renewable energy as well as Indian Railways’ target of becoming a net-zero carbon emission mission by 2030.
SJVN is adding significant capacities to its portfolio to pursue this vision.
At present, the company has twelve solar power projects of 3,065 MW capacity under various stages of development with a total portfolio of more than 16,900 MW.
The MoU was signed by RK Gupta, CGM, BDE SJVN Limited, REMC GM Rupesh Kumar and Sudripto De, AGM, BHEL.
This gigantic portfolio expansion has led to SJVN’s new shared vision – 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW installed capacity by 2040. The company is striding ahead to achieve its shared vision and to be a partner in the sustainable development of the Nation, the statement said.