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SJVN and IOC Signs MoU to Form Joint Venture For Renewable Projects

The MOU was signed by R K Gupta, Chief General Manager, SJVN, and Shantanu Gupta, Executive Director, IOC in the presence of Shrikant Madhav Vaidya, Chairman, IOCL and Geeta Kapoor, Director (Personnel) SJVN.

March 16, 2023. By EI News Network

Nand Lal Sharma, Chairman & MD, SJVN, expressed about SJVN has come into an MoU with Indian Oil Corporation (IOC) for Joint Venture (JV) for the progression of Renewable Energy Projects, such as Solar, Wind, Hydro & Hybrid Power.

The MOU was signed by R K Gupta, Chief General Manager, SJVN, and Shantanu Gupta, Executive Director, IOC in the presence of Shrikant Madhav Vaidya, Chairman, IOCL and Geeta Kapoor, Director (Personnel) SJVN.

The company will also work in the field of Energy Storage Systems such as battery storage and pumped storage projects for the distribution of Round clock (RTC) Power.

The power produced from these projects will be distributed to Refineries of IOC, and other set-ups of IOC and will also be put on sale to third parties via energy exchanges.

Sharma further added, about both companies will operate together to strive for their key strength in project development. The Joint venture enterprise will also enter into electric mobility infrastructure, production of green hydrogen and other green synthetic fuels.

He further mentioned align with the goals set by the Central Government, SJVN has determined its targets for the growth of renewable energy.

This MOU will be a move towards fulfilling SJVN’s aims of growing renewable energy along with IOCL’s goal to attain net-zero emissions by the year 2046.
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