Central power ministry public sector unit SJVN Ltd has incorporated a new subsidiary to undertake renewable energy business.
In a stock exchange notification, Shimla-headquartered SJVN said that the new wholly-owned subsidiary “SJVN Green Energy Ltd” received its certificate of incorporation from the Union ministry of corporate affairs on March 30, 2022.
The wholly owned subsidiary company shall carry out business in the field of power generation, in particular solar parks/projects, wind projects & hybrid projects, including battery energy storage systems (BESS), asset creation in wave, biomass, small hydropower, and green hydrogen-based business.
SJVN added that the new subsidiary has received all mandatory approvals from Central agencies like NITI Aayog, Department of Public Asset Management (DIPAM), Union ministry of finance, Union ministry of finance, etc.
SJVN Ltd recently shared its vision of having installed capacity of 5 GW by 2023, 25 GW by 2030 and 50 GW by 2040 – led by clean energy projects.
Also read: SJVN Plans Capex Of Rs.8,000 Crore In FY23
With respect to solar power, SJVN currently has 12 projects aggregating 3065 mw capacity under various stages of development. The company has a total under-development project portfolio of nearly 17 GW.
In mid-March this year, SJVN won a 100-mw grid-connected solar project through an auction conducted by Gujarat Urja Vikas Nigam Ltd. The project, estimated to cost around Rs.500 crore, is expected to annually generate 245.28 MU of electricity. The 25-year PPA between SJVN and GUVNL is expected to be signed soon, it is learnt.
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