SJVN Partners with REC to Secure Rs. 50,000 Crores for New Power Projects and Renewable Energy Expansion

Date: 21 July 2023

Nand Lal Sharma, Chairman & Managing Director of SJVN, announced that SJVN has entered into a Memorandum of Understanding (MoU) with Rural Electrification Corporation Limited (REC). As per the MoU, REC has agreed to provide financial support to SJVN and its subsidiaries & joint ventures amounting to Rs. 50,000/- crores.

The collaboration with REC will facilitate the financing of new power generating stations based on both conventional and renewable sources of energy. Additionally, REC will extend financial assistance for cutting-edge technology projects such as Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, and the establishment of Manufacturing Units for Green Projects. The scope of the MoU also includes the construction of evacuation and transmission projects, as well as the strengthening and improvement of existing transmission systems.

Nand Lal Sharma expressed his optimism regarding the MoU, stating that it will serve as a significant catalyst for the growth of SJVN. The financial backing from REC will empower SJVN to contribute to the Indian government’s vision of providing uninterrupted 24X7 power supply to all citizens.

The Chairman & Managing Director reiterated SJVN’s commitment to achieving a generation capacity of 25 GW by the end of the current decade, with more than half of this capacity derived from renewable energy sources. Presently, SJVN holds a total project portfolio of 54,327 MW and is making swift progress towards its Shared Vision of achieving 5,000 MW by 2023-24, 25,000 MW by 2030, and ultimately becoming a 50,000 MW company by 2040. This shared vision aligns with the Indian government’s target of generating 50% of the country’s energy from non-fossil fuel-based resources by 2030.