he joint development of the projects shall be done by the formation of a Joint Venture Company between SGEL, a wholly owned subsidiary of SJVN and ONGC.
New Delhi: Sh. Nand Lal Sharma, Chairman & Managing Director, SJVN Limited informed that SJVN has signed separate Memorandums of Understanding (MoU) with Oil & Natural Gas Corporation (ONGC) and Sambhar Salts Limited (SSL), a subsidiary of Hindustan Salts Limited.
Sh. Nand Lal Sharma apprised that the MoU inked with ONGC will pave the way for joint development of renewable energy projects. This will include Offshore & Onshore Solar, Wind, Hybrid, RTC projects, venturing into new technologies such as Green Hydrogen, Green Ammonia etc.
The joint development of the projects shall be done by the formation of a Joint Venture Company between SGEL, a wholly owned subsidiary of SJVN and ONGC.
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Sh. Nand Lal Sharma also informed that the MoU with Sambhar SaltsLimited has been signed for the development of Solar Projects/Park in a phased manner by SGEL on the identified land bank of M/s SSL.
He further added that both parties shall explore avenues for equity partnership, and revenue sharing mechanisms for the development of solar projects through project-specific Implementation Agreements.
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These developments will further strengthen the footprints of SJVN in the renewable energy sector and will help in achieving its ambitious Shared Vision of 50,000 MW installed capacity by 2040.
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