SJVN & IOC sign MoU to form JV

Nand Lal Sharma, Chairman & MD, SJVN informed that SJVN has entered into an MoU with Indian Oil Corporation (IOC) for formation of a Joint Venture (JV) for development of Renewable Energy Projects, viz Solar, Wind, Hydro & Hybrid Power. The company will also develop Energy Storage Systems such as Battery Storage and Pumped Storage Projects for supply of Round the clock (RTC) Power. The power generated from these projects will be supplied to Refineries of IOC, other establishments of IOC and will also be sold to third parties through energy exchanges.

Sharma further said that, both the companies will work together to leverage their core strength in project development. The JV company will also venture into Electric Mobility Infrastructure, Production of Green Hydrogen and other Green Synthetic Fuels. He further said that the power produced by the projects of this JV will also help in the mitigation of the carbon footprint of IOC. The JV will bring together SJVN and IOC, on a common platform and the association will certainly play a vital role in the growth story of the Nation.

He further said in line with the targets set by the Union Government, SJVN has ambitious goals for development of Renewable Energy. This MOU will be a step towards meeting SJVN’s targets of developing Renewable Energy as well as IOCL’s target to achieve net-zero operational emissions by the year 2046.

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