Hydropower producer SJVN to form solar and storage arm

SJVN, a state-owned hydropower producer in India, is floated a new subsidiary for the development of renewable energy, small hydro, and green hydrogen projects. 

The company’s board of directors has approved the proposal for the formation of the subsidiary in a meeting held recently. The Board also accorded its investment approval to contribute initial equity of INR 50 crore by SJVN Limited in the proposed subsidiary company. 

The proposed subsidiary, to be incorporated in India, shall carry out business in the field of power generation in particular solar parks/projects, wind projects, and hybrid projects including battery energy storage system, assets creation in the wave, biomass, small hydro (being RE) and green hydrogen-based business ventures.

The SJVN proposal is subject to approvals from concerned authorities like the government thinktank NITI Aayog and the Department of Investment and Public Asset Management under the Indian ministry of finance.