SJVN signs MoU with REC for Financing RE Projects amounting to Rs. 50,000 Crores
Sh. Nand Lal Sharma Chairman & Managing Director, SJVN informed that SJVN has inked an MoU with REC. REC has agreed to finance the projects of SJVN and its subsidiaries & joint ventures to the extent of Rs. 50,000/- crores.
Sh. Nand Lal Sharma further told that REC will provide financial assistance to set up New Power Generating Stations based on conventional & renewable sources of energy. REC will also assist financially in setting up new technology projects like Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, Manufacturing Units for Green Projects. The MoU covers construction of evacuation and transmission projects and includes strengthening/improvement of existing transmission system.
“This MoU with REC will act as a booster to the growth engine of SJVN and will enable us to assist Government of India in fulfilling its vision to provide 24X7 power to all.” said Sh. Nand Lal Sharma
Sh. Sharma reiterated SJVN’s commitment to achieve 25 GW of generation capacity by end of current decade, more than half of which is bound to come from renewable resources. With a total project portfolio of 54,327 MW, SJVN is on rapid progression to achieve its Shared Vision of being 5000 MW by 2023-24, 25000 MW by 2030 & 50000 MW Company by 2040. This shared vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.
