Jaipur: Indraprastha Gas Limited (IGL), India’s leading City Gas Distribution company and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), the state-owned power generation firm, on Monday announced the signing of a Joint Venture Agreement to set up large-scale solar power projects in Rajasthan.
The agreement was signed on Monday in Jaipur by Mohit Bhatia, Director (Commercial), IGL and Devendra Shringi, Chairman & Managing Director, RVUNL, in the presence of Ajitabh Sharma, Principal Secretary, Department of Energy, Government of Rajasthan, Kamal Kishore Chatiwal, Managing Director, IGL and senior officials from IGL and RVUNL.
Under the agreement, the newly formed JV company will initially develop a 500 MW solar power plant.
The equity structure of the JV will be 74 per cent held by IGL and 26 per cent by RVUNL.
The Board of Directors will comprise six members – four nominees from IGL and two nominees from RVUNL.
Speaking on the partnership, Kamal Kishore Chatiwal said, “This JV marks an important milestone in IGL’s journey of net zero and diversification into renewable energy. By leveraging Rajasthan’s high solar potential, we aim to build a robust green energy portfolio aligned with India’s target of 500 GW of renewable energy by 2030 with the long-term goal of achieving a portfolio of up to 2 GW .”