SJVN has inked an initial pact with India Oil Corporation (IOCL) to form a joint venture (JV) for developing renewable energy projects. The JV company will engage in the development of renewable energy projects, which include solar, wind, hydro and hybrid power projects. The company will also develop energy storage systems, such as battery storage and pumped storage projects for the supply of round-the-clock (RTC) power.
The power generated from these projects will be supplied to refineries of IOCL and other establishments of IOCL, and also be sold to third parties through energy exchanges. Both companies will work together to leverage their core strength in project development for developing renewable energy projects. The JV company will also venture into electric mobility infrastructure, and the production of green hydrogen and other green synthetic fuels. This MOU will be a step towards meeting SJVN's targets of developing renewable energy as well as IOCL's target to achieve net-zero operational emissions by the year 2046.
SJVN’s principal business activity is electricity generation. The company is also engaged in the business of providing consultancy.
