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State-run SJVN Ltd on Thursday said its arm SJVN Green Energy and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000 MW hydro electric project and 2,000 MW solar project entailing an investment of Rs 20,000 crore.
The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company, SJVN said in a statement.
“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,” SJVN Chairman & Managing Director Nand Lal Sharma said.
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, Sharma said.
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 per cent 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.