SJVN on Wednesday entered into an MOU with Rajasthan Electronics and Instruments Limited (REIL) for providing consultancy services in the development of solar energy projects to be set up by the public sector firm in different locations across the country.
REIL is the Union government’s enterprise under the administrative control of the Ministry of Heavy Industries, having the mandate to implement and promote solar projects including the development of both Grid Connected and Off-Grid solar power projects.
The MOU was signed by A K Singh, Director (Finance), SJVN, and Rakesh Chopra, Managing Director, REIL.
SJVN chairman and managing director Nand Lal Sharma informed that under the MOU signed, SJVN will develop the solar power projects at suitable locations and REIL, having expertise in the field of Solar Power Projects, will assist the company in Post Award Project Management Consultancy Services during the implementation of solar power plants.
Sharma stated that SJVN has a portfolio of 41 projects of 16,422 MW capacity and has already won 1,670 MW solar power capacity through a Competitive Bidding Process.
The company is targeting capex of Rs 8,000 crore in FY23 andSJVN will rely on a variety of sources for funding, like debt-free cash flow from other projects, the bond market, ECB, etc for funding of its capacity expansion.
SJVN has its presence in the States of Himachal Pradesh, Bihar, Maharashtra, Uttar Pradesh, Uttarakhand, Gujarat, Rajasthan, Punjab, Arunachal Pradesh in India and Nepal and Bhutan internationally, he added.