SJVN & Indian Oil to Form JV for Renewable Energy Projects

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CPSU SJVN and Indian Oil Corporation have inked an agreement to form a joint venture for renewable energy projects. This was revealed by SJVN Chairman & Managing Director Nand Lal Sharma while adding that both SJVN and IOCL will employ their core strength for project development.

The new firm will look into the development of energy storage systems- battery storage, PSPs (pumped storage projects) with a view to supply Round the Clock power. Renewable projects- solar, wind, hydro and hybrid projects will also be taken up by the joint venture. Other than renewable energy, the joint venture will also delve into mobility infrastructure as well as the production of green hydrogen and green green syntehtic fuels.

The power that is generated will be supplied to IOCL refineries. This will help IOCL bring down its cabron footprint. IOCL is looking to achieve net-zero emissions by 2046. The energy will also be sold off to third parties.

Sharma said that SJVN has ambitious targets in mind.

At present, SJVN’s portfolio consists of 46,789 MW. It has set sights on generating 50,000 MW by 2024. The state-owned firm has carried out 75 projects in India and Nepal.

The MoU between IOCL and SJVN was signed by the Chief General Manager at SJVN, RK Gupta and Shantanu Gupta, Executive Director, IOCL. The Chairman of IOCL, Shrikant Madhav Vaidya and Geeta Kapoor, Director, Personnel from SJVN also marked their presence.

It may be recalled that last year, India’s largest power producer state owned NTPC and Indian Oil Corporation Limited have formally inked a joint venture company recently, mandating the former to produce round-the-clock 650 MW renewable energy required by the upcoming projects of the refineries in Indian Oil.

Recently, Vaidya had said that Indian Oil has set its sights on green hydrogen plants at all its refineries. The announcement came as part of the Rs 2 lakh crore planned for green transition towards net-zero emissions. The senior official revealed that the oil firm is in the process of restructuring its business and will now convert its petrol pumps into energy outlets. These energy points will boast of charging points for electric vehicles and will also offer battery swapping options.