In a groundbreaking move towards bolstering the renewable energy landscape, SJVN (Satluj Jal Vidyut Nigam) has taken a monumental step by entering into distinct Memorandums of Understanding (MoUs) with Oil & Natural Gas Corporation (ONGC) and Sambhar Salts Limited (SSL), a subsidiary of Hindustan Salts Limited. The visionary agreements were officially announced by Nand Lal Sharma, the Chairman & Managing Director of SJVN.
The collaboration with ONGC is poised to revolutionize the renewable energy sector, as Nand Lal Sharma elaborated. The MoU outlines an ambitious partnership that envisions joint development across a spectrum of renewable energy projects, including Offshore & Onshore Solar, Wind, Hybrid, and Real-Time Control (RTC) projects.
An exceptional facet of this partnership is its integration of cutting-edge technologies like Green Hydrogen and Green Ammonia. The strategic execution of these pioneering projects will be facilitated through the establishment of a Joint Venture Company, synergizing SGEL (Satluj Green Energy Limited), a fully owned subsidiary of SJVN, with the formidable expertise of ONGC.
Simultaneously, the inked MoU with SSL represents another noteworthy advancement in SJVN’s renewable energy journey. This accord sets the stage for a methodical and phased development of Solar Projects/Park by SGEL, capitalizing on the substantial land bank identified within SSL. Nand Lal Sharma emphasized that both entities are steadfast in their commitment to exploring equity partnership opportunities and implementing a judicious revenue-sharing mechanism. These mechanisms will be seamlessly governed by project-specific Implementation Agreements, laying a robust foundation for the unhindered progression of solar projects.
The remarkable collaborations between SJVN, ONGC, and SSL herald a paradigm shift in the renewable energy paradigm, underlining the industry’s rapid evolution toward innovative and sustainable solutions.