SJVN Green Energy Limited (SGEL), a wholly owned subsidiary Satluj Jal Vidyut Nigam (SJVN), has signed a memorandum of understanding (MOU) with Assam Power Distribution Company Limited (APDCL) for building a 1GW floating solar power project in Assam, India.
The two companies will incorporate a joint venture to build the solar power project, reported MoneyControl.
In the first year of the commissioning, the project will generate 2,192 million units of energy.
The JV will invest $730.07m (Rs60bn) to develop the project, which will generate a total of 50,425 million units of energy in 25 years.
SJVN stated: “The company has aligned its shared vision of 5,000MW by 2023, 25000MW by 2030, and 50,000 MW capacity by 2040 with that of the Government of India’s target of achieving 50% 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.”
In June, Assam government had said that it wanted APDCL to set up a JV with SJVN for building renewable energy projects in the state.
SJVN is a public sector undertaking holding interests in hydro, thermal, solar, wind as well as in power transmission and power trading.
It is a joint venture between the governments of India and Himachal Pradesh state.
Image: In the first year of the commissioning, the project will generate 2,192 million units of energy. Credit: StockSnap from Pixabay.