State-owned hydropower producer Satluz Jal Vidyut Nigam Ltd (SJVN) has signed a memorandum of understanding (MoU) with Indian Renewable Energy Development Agency Ltd (IREDA) for techno-financial assistance in renewable energy projects.
IREDA is a non-banking financial institution under the Ministry of New & Renewable Energy.
As per the MoU, IREDA will undertake techno-financial due diligence of renewable energy, energy efficiency and conservation projects for SJVN. It will also help SJVN develop an action plan to create and acquire renewable energy projects for the next five years.
Presently, SJVN is developing a 100 MW Dholera solar power project and a 100 MW Raghanseda solar power project in Gujarat.
On the occasion, IREDA chairman and managing director, Pradip Kumar Das, said: “This is a transformational opportunity for IREDA and SJVN to work together, forming a perfect synergy between both the organizations. It will also facilitate knowledge and technology transfer and provide consultancy and research services, which will contribute to driving the country’s sustainable development. We look forward to extending our consultancy services to other PSUs as well as private organizations for the development of the renewable energy sector.”
SJVN is exploring various possibilities including setting up solar power projects in major solar parks through competitive bidding process or otherwise through state nodal agencies to make inroads into the renewables segment. It is targeting to add 500 MW to 700 MW of solar capacity in the next couple of years.
The company is also following up with Government of Himachal Pradesh for expeditious development of 880 MW Kaza Solar Park in Spiti Valley and with the government of Maharashtra for allotment in 1,000 MW floating solar power project on Ujani dam.
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