SJVN, DVC to harness 2000 MW floating solar power projects – EQ Mag Pro
NEW DELHI : SJVN Ltd has signed an agreement with Damodar Valley Corporation (DVC) for setting up 2 gigawatt (GW) of solar projects, that entails exploring the formation of a joint venture company for the same.
DVC, formed on the lines of the Tennessee Valley Authority in the US and owned by the Union government and the state governments of West Bengal and Jharkhand, controls floods in eastern India, supplies water for irrigation and drinking, and generates power.
“SJVN Limited has entered into a MoU (Memorandum of Understanding) with Damodar Valley Corporation (DVC) for harnessing potential Solar Energy of about 2000 MW available under the DVC Command Area. SJVN and DVC will jointly identify suitable water-bodies and available land under the SJVN and DVC command area for setting up Renewable Power Projects,” SJVN said in a statement.
There is a growing interest in India’ green energy space, amid heightened focus on environmental, social and governance (ESG) investing. At the COP-26 summit in Glasgow, India announced its plans to increase non-fossil fuel power generation capacity to 500 GW by 2030. India is running what will become the world’s largest clean energy programme, with an aim of having 175 GW of clean energy capacity by 2022.
SJVN Ltd plans to have 25 GW capacity by 2040. The firm has an operational portfolio of 2 GW and is executing 27 projects in hydropower, thermal, solar and wind sectors in India, Bhutan and Nepal.
“Nand Lal Sharma, Chairman & Managing Director, SJVN informed that this initiative is in line with the target set by the Government of India and it would enable SJVN in expanding its footprint Pan India, as well as, achieving its Shared Vision of capacity addition of 5000 MW by 2023, 12000 MW by 2030 & 25000 MW by 2040,” the statement added.
SJVN has also pitched for more hydropower projects from Nepal as part of India’s playbook of helping build a South Asia-focused energy security architecture.
“N.L. Sharma also stated that under the MoU signed today, SJVN and DVC will explore the formation of a Joint Venture Company for development of Renewable Energy Project at different location within the command areas of SJVN and DVC. DVC has large waterbodies under its management, which can be harnessed for Solar Power by setting up floating Solar Energy Farms,” the statement said.
Source : PTI
