Taking a giant leap in its renewable energy mission, SJVN will develop 10000 MW solar power projects in the next 5 years in Rajasthan.
SJVN has submitted a proposal in this regard to the Rajasthan government which has been accepted and a MoU in this regard will be signed shortly.
A Letter of Intention (LOI) by SJVN and further acceptance letter were exchanged with Chief Minister Ashok Gehlot by chairman and SJVN managing director Nand Lal Sharma in presence of government officials today.
Sharma said SJVN intends to establish 10,000 MW renewable power projects/parks on the land banks to be allocated by Rajasthan Renewable Energy Corporation Limited in the state.
“An estimated investment of Rs 50,000 crore is proposed by SJVN on developing these Projects. The commercial production will commence in a phased manner and the power generated will be transmitted to the beneficiaries through nearest Sub-Stations. Power Purchase Agreements for the generated energy will be signed through competitive tariff-based opportunities available in the market.
In addition, these projects will usher in socio-economic development in the Project areas and also open up avenues of direct and indirect employment to about 15,000 people,” he added.
Sharma stated that driven by the commitment of the Union government to achieve 500 GW of installed capacity from non-fossil fuel sources by 2030, SJVN has re-engineered its Business Model and has given a major thrust to its Renewable Energy portfolio in a big way.
“SJVN has proposed to develop solar power projects in Rajasthan as the state has the largest solar power potential in the country. It receives the highest solar radiation (5.72 Kwh/m2/day) and also has the highest number of more than 325 clear sunny days in a year. All these factors work in our favour of developing the projects,” he said
He added SJVN has 2750 MW of renewable energy projects in its portfolio and the company has recently upgraded its shared vision to installed capacity of 25,000 MW by 2030 and 50,000 MW by 2040.
The revision of targets is a result of SJVN being awarded Mega Power Projects in India and abroad.