SJVN and IOCL to form joint venture to develop renewable energy projects

SJVN and IOCL to form joint venture to develop renewable energy projects

FPJ BureauUpdated: Friday, March 17, 2023, 01:17 AM IST
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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.

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