SJVN incorporates a New Subsidiary Company, ‘SJVN Green Energy Limited’ for executing Renewable Projects – EQ Mag Pro
SGEL has been incorporated in compliance with the directions of Ministry of New & Renewable Energy (MNRE) and approvals of Ministry of Corporate Affairs, Government of India.
SHIMLA: Sh. Nand Lal Sharma, Chairman & Managing Director, SJVN today informed that in its pursuit to enliven the vision of rapid capacity additions through new and renewable energy sources, SJVN has incorporated a fully owned Subsidiary Company ‘SJVN Green Energy Limited’ (SGEL).
Sh. Nand Lal Sharma stated that the Subsidiary Company shall work in the verticals of Power Generation from Renewable Sources such as Solar Parks, Wind & Hybrid Projects, Battery Energy Storage System, Assets Creation in Wave, Biomass, Small Hydro (being RE) and Green Hydrogen based business ventures.
Sh. Nand Lal Sharma said “Incorporated with an authorized and paid up capital of Rs 50 crores, SGEL shall work as a Special Purpose Vehicle of SJVN for the implementation of Renewable Projects countrywide. The incorporation of SGEL accentuates our commitment to contribute in actualizing Government of India’s target of 500 GW capacity additions from non-fossil fuel resources by 2030.”
SGEL has been incorporated in compliance with the directions of Ministry of New & Renewable Energy (MNRE) and approvals of Ministry of Corporate Affairs, Government of India. The subsidiary company shall have its registered office at Shimla, Himachal Pradesh.
This is another major milestone for SJVN after successfully operating two other subsidiary companies namely SJVN Arun -3 Power Development Company Pvt. Ltd (SAPDC) for implementation of 900 MW Arun-3 Project and associated Transmission System in Nepal; and SJVN Thermal Private Limited (STPL), for execution of 1320 MW Buxar Thermal Power Project in Bihar.
In the backdrop of Prime Minister Sh. Narendra Modi’s commitment to meet 50 percent of India’s energy requirements from renewable energy by 2030, Government of India is already focusing on the development of renewable sources in the country. Under the dynamic leadership of Prime Minister Sh. Narendra Modi and guidance of Union Power Minister Sh. R. K Singh, SJVN is adding significant capacities to its portfolio to pursue this vision. At present, SJVN has a portfolio of more than 16900 MW with presence in nine states of India besides two neighboring countries namely Nepal & Bhutan. Besides generating power through hydro, thermal, wind and solar, SJVN has also diversified & ventured into Power Transmission and Power Trading.
The Subsidiary Company SGEL will commence its business operations shortly and will contribute to faster capacity addition of SJVN. This green energy portfolio augmentation will further help in achieving SJVN’s New Shared Vision of 5000 MW by 2023, 25000 MW by 2030 & 50000 MW by 2040.
Source: psuconnect
