SJVN, a public sector company, has signed an MoU with Indian Oil Corporation (IOC) to form a joint venture (JV) for developing renewable energy projects such as solar, wind, hydro and hybrid power.
The JV will also focus on energy storage systems such as battery storage and pumped storage projects to provide round-the-clock power to refineries of IOC and other establishments.
The power generated from these projects will also be sold to third parties through energy exchanges. The companies will work together to leverage their core strengths in project development and will venture into electric mobility infrastructure, green hydrogen production, and other green synthetic fuels.
The JV will help in mitigating the carbon footprint of IOC and contribute to the growth story of the nation.
This MoU aligns with the Union Government’s targets for developing renewable energy, and SJVN’s ambitious goals for renewable energy development.
The agreement will also help IOC achieve its target of achieving net-zero operational emissions by 2046. The MoU was signed in the presence of top officials from both companies.
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