SJVN Signs MoU With REC For Rs 50,000 Cr Financial Assistance For Power Projects

State-owned SJVN Ltd has entered into a Memorandum of Understanding (MoU) with REC Ltd, aiming to secure a massive financial boost of Rs 50,000 crore for its projects. 

The agreement was reached to support the development of power generating stations based on both conventional and renewable sources of energy, as well as cutting-edge technology projects in the energy sector.

As per the official statement released on Friday, REC Ltd, a prominent financial institution in the power sector, has committed to providing financial assistance for the establishment of new power generation facilities. These projects will encompass both conventional energy sources and renewable energy sources, aligning with India's growing focus on sustainable and clean power generation.

Additionally, the agreement includes financial backing for the implementation of innovative technology projects, such as battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage, and the establishment of manufacturing units for green projects. This forward-thinking approach demonstrates SJVN's commitment to exploring emerging technologies and contributing to the nation's transition towards a greener future.

The scope of the MoU extends to the construction of evacuation and transmission projects, as well as enhancing and improving the existing transmission systems. These critical infrastructure developments will play a vital role in efficiently transporting electricity from the power generating stations to various regions, ensuring a seamless supply of electricity across the nation.

The statement issued by SJVN Ltd expressed their enthusiasm about the collaboration with REC Ltd, as it is expected to act as a catalyst for the company's growth. With the financial backing from REC Ltd, SJVN aims to significantly augment its power generation capacity. The company aspires to achieve a remarkable 25 GW generation capacity by the end of the current decade.

SJVN Ltd already boasts an impressive project portfolio of 54,327 MW, and it is diligently working towards achieving its Shared Vision. By the target year 2023-24, the company aims to reach a commendable 5,000 MW generation capacity. Looking ahead, SJVN has even more ambitious plans, aiming to achieve a remarkable 25,000 MW generation capacity by the year 2030 and ultimately becoming a 50,000 MW company by the year 2040.