SJVN and IOCL to form joint venture to develop renewable energy projects
Nand Lal Sharma, Chairman & Managing Director, SJVN, informed that the company has entered into an MoU with Indian Oil Corporation Limited (IOCL) for formation of a joint venture (JV). The JV company will engage in development of renewable energy projects, which includes solar, wind, hydro & hybrid power projects. The company will also develop energy storage systems such as battery storage and pumped storage projects for supply of round the clock power. The power generated from these projects will be supplied to refineries of IOCL, other establishments of IOCL and will also be sold to third parties through energy exchanges.
Nand Lal Sharma further said that both the companies will work together to leverage their core strength in project development for developing renewable energy projects for supply of round the clock power. The JV company will also venture into electric mobility infrastructure, production of green hydrogen and other green synthetic fuels. He further said that the power produced by the projects of this JV will also help in the mitigation of the carbon footprint of IOCL. The joint venture will bring together SJVN and IOCL on a common platform. The association will certainly play a vital role in the growth story of the nation.
Published on: Friday, March 17, 2023, 06:02 AM ISTRECENT STORIES
-
Mumbai Weather Update For April 28: Heatwave To Sizzle City & MMR Areas Today; Mercury To Hover... -
Actor Sahil Khan Arrested In Mahadev Betting App Case From Chhattisgarh -
CBSE To Conduct Board Exams Twice A Year? Stakeholders Debate -
Uttarakhand Man On The Run For 17 Years For Allegedly Killing His Colleague, Arrested -
Video: Dhruv Jurel Celebrates His Maiden IPL Fifty With Family After RR's Win vs LSG