SJVN Ropes in REIL For Development of Solar Energy Projects

MUMBAI: 16^th February 2022; SJVN Limited has entered into an MOU with Rajasthan Electronics and Instruments Limited (REIL) for providing consultancy services in Development of Solar Energy Projects to be set up by SJVN in different locations across the country.

REIL is a Government of India Enterprise under administrative control of   Ministry of Heavy Industries, having the mandate to implement and promote Solar PV Projects of Ministry of New & Renewable Energy, Govt of India which also includes development of both Grid Connected and Off Grid Solar Power Projects.

The MOU was signed by Shri A K Singh, Director (Finance), SJVN and Shri Rakesh Chopra, Managing Director, REIL. On this occasion CGM, BDE Sh. R.K. Gupta and other senior officials of SJVN & REIL.

CMD SJVN, Sh. Nand Lal Sharma informed that under the MOU signed today, SJVN will develop the Solar Power Projects at suitable locations and REIL, having expertise in the field of Solar Power Projects, shall assist SJVN in Post Award Project Management Consultancy Services during implementation of Solar Power Plants.

Sh. Sharma also informed that SJVN has a portfolio of 41 projects of 16422 MW capacity and has already won 1670 MW Solar Power capacity through a competitive Bidding Process. The company is targeting capex of Rs 8,000 crore in FY23.  SJVN will rely on a variety of sources for funding, like debt-free cash flow from other projects, the bond market, ECB, etc for funding of its capacity expansion.

SJVN has its presence in the States of Himachal Pradesh, Bihar, Maharashtra, Uttar Pradesh, Uttarakhand, Gujarat, Rajasthan, Punjab, Arunachal Pradesh in India and Nepal and Bhutan internationally.

Recently at UN Climate Change Conference (COP 26), Hon’ble Prime Minister Sh. Narendra Modi had stated India’s intent of generating 500 GW of Renewable Energy by 2030. SJVN has aligned its targets in line with the target set by the Government of India with the shared Vision of capacity addition of 5000 MW by 2023, 25000 MW by 2030 & 50000 MW by 2040. For 25000 MW capacity to be achieved by the year 2030, 15,000-18,000 MW will be from Solar Projects and the rest 8,000-10,000 MW will be from Hydro, Thermal and Wind Projects. By 2040, the target is to reach 50 GW of installed capacity. This MoU will help SJVN in achieving Solar target set for the year 2030.