In a major development, SJVN Limited has inked a Memorandum of Understanding (MoU) with REC Limited (REC) to secure financial support of ₹50,000 Crores for its various projects, including those undertaken by its subsidiaries and joint ventures.
The collaboration with REC, a leading public sector enterprise under the Ministry of Power, will aid SJVN in setting up new power generating stations based on both conventional and renewable sources of energy. The financial assistance will also extend to projects focused on cutting-edge technologies such as Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, and the establishment of Manufacturing Units for Green Projects. The MoU encompasses the construction of evacuation and transmission projects, as well as the strengthening and improvement of existing transmission systems.
SJVN is steadfast in its commitment to achieving a generation capacity of 25 GW by the end of the current decade, with over half of this capacity derived from renewable resources. The company presently boasts a robust project portfolio of 54,327 MW and is advancing rapidly towards its ambitious objectives of 5,000 MW by 2023-24, 25,000 MW by 2030, and a remarkable 50,000 MW by 2040. These targets align with the Indian government’s vision of generating 50% of its energy from non-fossil fuel-based resources by 2030.
The strategic partnership with REC reinforces SJVN’s pursuit of clean and sustainable energy generation, bolstering the nation’s efforts to transition towards greener energy alternatives. The collaboration will play a crucial role in India’s sustainable energy growth trajectory.
The company has requested stakeholders to take note of this significant development as it further strengthens SJVN’s position in the renewable energy sector.