State-owned Satluj Jal Vidyut Nigam (SJVN) has included a new subsidiary for executing renewable projects in the country. The new subsidiary, SJVN Green Energy Ltd (SGEL), will now essentially work with the verticals of power generation from renewable sources such as solar parks, wind and hybrid projects, battery energy storage system, assets creation in wave, biomass, small hydro and green hydrogen-based business ventures, said an official statement.
“Incorporated with an authorized and paid-up capital of Rs 50 crore, SGEL shall work as a special purpose vehicle of SJVN for the implementation of renewable projects countrywide. The incorporation of SGEL accentuates our commitment to contribute in actualizing government of India’s target of 500 gigawatts (GW) capacity additions from non-fossil fuel resources by 2030,” said SJVN’s chairman & managing director Nand Lal Sharma in a statement.
At present, SJVN has a portfolio of more than 16,900 megawatts (MW) with presence in 9 states of India besides two neighbouring countries -Nepal and Bhutan. Last month, the Himachal Pradesh state government signed a Memorandum of Understanding (MoU) with SJVN for the development of an 800 MW solar power plant in the Spiti region.
In the same month, SJVN announced that it had secured a 100 MW grid-connected solar power project in Gujarat through tariff-based competitive bidding conducted by Gujarat Urja Vikas Nigam (GUVNL).
The project is expected to generate 245.28 million units of energy annually and the cumulative energy generation over a period of 25 years will likely be about 6,132 million units.
An Indian public sector undertaking involved in hydroelectric power generation and transmission, SJVN was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh. The firm has also won rights to develop projects in more states, like Bihar, where it is developing a 200 MW project, the largest in that state. Along with other PSU energy majors led by NTPC, SJVN is pushing hard to maintain a strong public sector core in India’s solar capacity expansion.