New Delhi: Mini Ratan company SJVN has signed an MoU with India Oil Corporation Ltd (IOCL) to form a joint venture for developing renewable energy projects. SJVN Chairman & Managing Director Nand Lal Sharma has said this in a statement, according to media reports.

The JV company will work on renewable energy projects, which include solar, wind, hydro and hybrid power projects. Additionally, this JV will also work on developing energy storage systems, such as battery storage and pumped storage projects for the supply of round-the-clock (RTC) power.

The MOU was signed by RK Gupta, Chief GM, SJVN, and Shantanu Gupta, Executive Director, IOCL, in presence of Shrikant Madhav Vaidya, Chairman, IOCL and Geeta Kapoor, Director (Personnel) SJVN. 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 2046.

The refineries and other establishments of IOCL will get the power that will be generated through the projects of this JV. The power will also be sold to third parties through energy exchanges. The JV company will also venture into electric mobility infrastructure, and the production of green hydrogen and other green synthetic fuels.

SJVN aims to be a 5000 MW company by 2023, 25000 MW company by 2030 and 50000 MW company by 2040. Currently, the project portfolio of SJVN is around 46,879 MW, executing around 75 projects in India and Nepal, and is moving towards achieving the shared vision of generating 50,000 MW by 2040.

Sharma added that both companies will work together to leverage their core strength in project development for developing renewable energy projects. He further said the power produced by the projects of this JV will also help in the mitigation of the carbon footprint of IOCL.

Sharma further said in line with the targets set by the government, SJVN has ambitious goals for the development of renewable energy.