Jakson Green Enters Into Joint Venture With RVNL in Solar Sector

Jakson Green Secures Rs 600 Mn RE Funding From HSBC

Jakson Green Private Limited (JGPL) and Rail Vikas Nigam Limited (RVNL) announced the formation of a Joint Venture that will explore opportunities in solar power projects in India and abroad. Under the joint venture, RVNL will hold a 49% stake of the green clean energy project, while a majority stake of 51% will be held by Jakson Green (JGPL), said a statement. 

According to the notification about the latest venture, this joint venture will help RVNL to tap green clean energy projects, additionally, RVNL also incorporated a subsidiary company, RVNL Infra. 

Earlier this year, Indian Railways has floated a tender, seeking developers to supply 695 MW of Round-the-Clock (RTC) power from grid-connected Renewable Energy. The Railway Energy Management Company Limited floated the tender on behalf of the Indian Railways.

“REMC Ltd., for and on behalf of Indian Railways, invites bid in single stage two packet system for “Selection of Project Developers for the supply of 695 MW of Round-the clock (RTC) power from grid-connected Renewable Energy (RE) power projects with or without storage to operate in tandem with an existing 500 MW IRPL & 195 MW RUMSL solar PV power plant,” the tender document read.

REMC Limited is the Joint Venture of the Indian Railways and RITES Limited. As per the tender, interested candidates can apply for the bid till February 2. The agency has decided to inform about the data of pre-bidding on February 16. This comes at a time when the Indian Railways has planned to increase the presence of solar power and other sources of renewable power across the country. The ministry has planned to go net zero by 2030. Several Indian railway stations have now witnessed increased usage of renewable energy across the stations.

Following the announcement of a joint venture with Jakson Green Private Limited (JGPL), shares of RVNL have rose to 52-week high price.