SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN Limited, has inked a Memorandum of Understanding (MoU) with Ocean Sun, a prominent entity based in Norway, focusing on advancing new technologies in the Green & Clean Energy Sector. In accordance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a significant stride in the realm of clean energy collaboration has been made under the auspices of the India-Norway Task Force for Energy, the company said through an exchange filing on Friday.
The MoU, signed with a vision of fostering sustainable energy solutions, outlines a pivotal development - SGEL's commitment to initiate and fund a Pilot Membrane-based Floating Solar Project with a capacity of approximately 2 MW. The selected location for this pioneering project will be in India, as SGEL seeks to harness the potential of renewable energy in the region. To facilitate the successful execution of this project, M/s Ocean Sun will provide patented technological support, offering their expertise in this innovative field.
The implications of this MoU are substantial, heralding the initiation of technology transfer and cooperation between India and Norway in the realm of clean and green energy solutions. The collaboration between SGEL and M/s Ocean Sun holds the promise of not only advancing cutting-edge technology but also promoting the widespread adoption of clean energy alternatives.
As this pilot project demonstrates its feasibility and success, both SGEL and M/s Ocean Sun have expressed their aspirations to scale up this pioneering technology across the extensive coastline of southern India. This expansion holds the potential to bring about a significant transformation in the energy landscape, furthering the transition towards sustainable and environmentally friendly power generation.
Furthermore, it is important to note that SJVN has closely aligned its corporate vision with the Government of India's ambitious target of achieving 50% of the nation's energy from non-fossil fuel sources by 2030. In its role as a strategic and reliable partner, SJVN is poised to play a vital role in the clean energy transition of the nation, with a core vision of providing uninterrupted and clean power to all, thus contributing to India's sustainable energy future.