SJVN Ltd announced Wednesday that the Rajasthan government had approved the signing of an MoU for the development of 10,000 MW renewable energy projects. This would require an investment in excess Rs 50,000 crore.
These projects will bring about socio-economic growth in the state, and open up numerous direct and indirect job opportunities.
Nand Lal Sharma, Chairman & Managing Director, SJVN said the company will establish the renewable energy projects on the land banks to be allocated by Rajasthan Renewable Energy Corporation Ltd (RRECL).
An investment of Rs 50,000 crore is estimated for developing these projects in the next five to seven years, he said.
“With this latest addition, the portfolio of the company has tremendously grown from 32,000 MW to 42,000 MW. We are partnering in meeting the twin challenge of ‘Power to All’ and 50 per cent energy from non-fossil fuel-based energy resources by 2030 as envisaged by the government,”Sharma added.
SJVN had exchanged Letters of Intent earlier this year for the development of renewable energy within the state over the next five years. Rajasthan was recently the first Indian state to achieve 10 GW of large-scale, cumulative solar installations.
SJVN will be able to achieve the shared vision of 5000 MW by 2023, 25000 MW by 2030, and 50000 MW by 2040 through this exponential increase in the portfolio.