SJVN subsidiary inks deal with Assam govt to build 1000 MW floating solar power projects

SJVN has aligned its Shared Vision of 5000 MW by 2023, 25000MW by 2030 & 50000 MW capacity by 2040 with that of Government of India’s target of achieving 50% energy from non-fossil fuel sources by 2030.

Satluj Jal Vidyut Nigam (SJVN), an Indian public sector undertaking involved in hydroelectric power generation and transmission, informed the exchanges on October 17 that a Memorandum of Understanding (MoU) has been signed between its wholly owned subsidiary SJVN Green Energy Limited (SGEL) and Assam Power Distribution Company Limited (APDCL) in Guwahati.

As per the deal, the two companies will be developing 1000 MW floating solar power projects in Assam through the incorporation of a joint venture company.

The project will produce 2192 million units in the first year following commissioning. The corporation will invest Rs 6000 crores to establish the project in Assam; a total of about 50,425 million units of energy will be produced over a period of 25 years, SJVN Ltd said in the exchange filing.

SJVN said: “The company has aligned its shared vision of 5,000 MW by 2023, 25000MW by 2030, and 50,000 MW capacity by 2040 with that of the Government of India’s target of achieving 50 percent energy from non-fossil fuel sources by 2030. As a strategic and reliable partner, SJVN plans to play a vital role in the clean energy transition of the nation.”

Earlier this year, in June, the Assam government had stated that it is willing to set up a joint venture with SJVN for development of renewable energy projects in the state.

During that time, SJVN director (Finance) Akhileshwar Singh along with the company’s chief general manager Rajesh Gupta had met Assam chief minister Himanta Biswa Sarma in Guwahati. The meeting was also attended by Sameer Kumar Sinha, principal secretary to Assam chief minister, and Neeraj Verma, principal secretary, power.

The company had issued a statement regarding the same that read: “During the meeting, development of ground-mounted (solar projects), floating solar, battery storage and pilot hydrogen plants were deliberated. The CM also conveyed keen interest in equity participation in SJVN’s upcoming hydropower projects in Arunachal Pradesh. CM also conveyed his interest in the formation of a JV with SJVN for the development of hydro and renewable energy projects.”