These initiatives are expected to cost Rs. 50,000 crore.
Satluj Jal Vidyut Nigam, a state-run utility, has signed a letter of intent (LoI) with the Rajasthan government to build 10,000 megawatts (MW) of solar power projects in the state over the next five years. A memorandum of understanding (MoU) on the subject will be signed soon, with an anticipated investment of 50,000 crore.
On Tuesday, the electricity producer signed the letter of intent. The acceptance letter was exchanged by SJVN CMD N L Sharma and Rajasthan Renewable Energy Corporation (RRECL) CMD Subodh Agarwal in the presence of Chief Minister Ashok Gehlot, SJVN tweeted.
"A Memorandum of Understanding in this regard will be signed shortly." SJVN intends to develop 10,000 MW renewable power projects/parks on RRECL-allocated land banks. SJVN has suggested a 50,000 crore investment for the development of these projects," Sharma added.
Commercial production will begin in stages, with power generated being transmitted via nearby substations. The power purchase agreements (PPAs) for generated energy will be negotiated through competitive tariff-based market possibilities, he noted.
"Driven by the Government of India's commitment to achieve 500 gigatonnes (GW) of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its business model and has given a significant boost to its renewable energy portfolio," Sharma said.
SJVN now has a total installed capacity of 2,016.5 MW, which includes two 1,912 MW hydropower projects and four 104.5 MW renewable power plants (Two solar plantw of 6.9 MW and 2 wind plants of 97.6 MW).
In addition, the PSU has 2,550 MW of solar projects under construction in various areas that are planned to be completed by 2023.
The corporation has also established a goal of 5,000 MW installed capacity by 2023, 25,000 MW by 2030, and 50,000 MW installed capacity by 2040.
SJVN Ltd, a state-owned power producer, announced on Wednesday that it has doubled its target for installed electricity generation capacity to 50,000 MW by 2040. SJVN's Chairman and Managing Director, Nand Lal Sharma, announced in a statement that the company's Shared Vision has been increased to 5,000MW by 2023, 25,000MW by 2030, and 50,000MW by 2040.
According to the statement, this revision is the consequence of the addition of many projects to its portfolio as well as an already established reputation for operating and delivering Mega Hydro Projects in India and internationally.
Following hydro, the corporation successfully expanded into many business verticals, including thermal, solar, and wind power generation, power transmission, and power trading.
Previously, a vision of 5,000 MW installed capacity by 2023, 12,000 MW by 2025, and 25,000 MW by 2040 was formed and given out on SJVN's 31st Raising Day on May 24, 2018.
During the last three years, the company's business development has accelerated and made significant achievements.
"SJVNites' unwavering efforts have resulted in a company portfolio of over 16000 MW. SJVN's expanding portfolio necessitates this upward revision of Shared Vision "Sharma stated.
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