State-owned power producer SJVN Ltd on Monday said it has received the finance ministry’s permission to form four joint venture firms for the development of hydro and renewable projects with a total capacity of 8,778 MW in India and Nepal.
SJVN will be the leading partner in three joint venture companies, whereas SJVN’s wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) will be the leading partner in the fourth JV, a company statement said.
According to the statement, the Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has agreed to the proposal of SJVN and Ministry of Power to form four joint venture (JV) companies for the development of Hydro and Renewable Projects in India and Nepal.
SJVN will form a JV with Maharashtra State Power Generation Company Ltd to develop 5,000 MW Renewable Energy Projects.
Another JV will be formed between SJVN, Government of Arunachal Pradesh and Navyuga Engineering Company Ltd.
The JV will execute the development of the 1,878 MW Oju Hydro Electric Project in Arunachal Pradesh.
In the third JV, SJVN will be collaborating with Nepal Electricity Authority and GMR Energy Limited for the implementation of 900 MW Upper Karnali Hydro Electric Project in Nepal. In this JV, SJVN & GMR will have an equal equity partnership.
The wholly-owned subsidiary of SJVN, SGEL will be forming a JV with Assam Power Development Company Ltd.
The JV will be for developing 1,000 MW RE Projects in the state of Assam.
SJVN has expanded and diversified in Hydro, Thermal, Solar and Wind Energy, Power Transmission and Power Trading.
The company has emerged as a major public sector power entity in the Indian power scenario. The project portfolio of the SJVN is more than 56,000 MW, with a presence in Pan India and Nepal.