SJVN, Satluj Jal Vidyut Nigam, is looking to develop 10,000 MW solar projects, with the investment of 50,000 Cr. in the next five years in Rajasthan. The company has submitted the Letter of Intent (LoI) to the Government of Rajasthan.
According to the reports, the government has accepted the proposal, and MoU will shortly sign the assignment.
Letter of Intent by SJVN and Acceptance letter were already exchanged in August in the presence of the Chief Minister of Rajasthan Ashok Gehlot, SJVN Chairman & Managing Director and Aditional Cheif Secretary, Power, Government of Rajasthan and CMD RRECL, the reports stated.
The estimated investment to be done by SJVN is around Rs.50,000 Crore on these projects. Rajasthan is the largest solar power potential in the country, and the project will receive the highest production of solar energy. It is to be expected that it has the highest number of sunny days (almost 325) in a year. All these factors are in favour of the project.
The commercial production will commence in a phased manner, and the power generated will be transmitted to the beneficiaries through the nearest substations.
These projects will not only help in generating solar energy but develop the socio-economic in the areas of projects and also open up the opportunities to direct and indirect employment to around 15,000 people, said Nand Lal Sharma, Chairman & Managing Director of SJVN.
SJVN wants to play a key role in the development of India. Sharma further added that as per the commitment to the Government of India to achieve 500 GW of installed capacity from non-fossil sources by 2030, SJVN has re-engineered its business model and has given a major thrust to its renewable energy portfolio in a big way.
According to Sharma, SJVN, currently, has 2,750 MW of renewable energy projects. The company recently upgraded its vision to install 25,000 projects by 2030 and just double in the next ten years. This revision is the result of SJVN being awarded mega power projects at national and international levels, a big achievement for the Indian company.