Shimla, 16 Feb: SJVN Limited has entered into an MOU with Rajasthan Electronics and Instruments Limited (REIL) for providing consultancy services in development of Solar Energy Projects to be set up in various locations across the country.
REIL is a Government of India Enterprise under administrative control of Ministry of Heavy Industries, having the mandate to implement and promote Solar PV Projects of Union Ministry of New & Renewable Energy, which also includes development of both Grid Connected and Off Grid Solar Power Projects.
The MOU was signed by AK Singh, Director (Finance), SJVN, and Rakesh Chopra, Managing Director, REIL. On this occasion CGM, BDE, RK Gupta and other senior officials of SJVN & REIL were present.
SJVN CMD Nand Lal Sharma disclosed that, under the MOU signed today, SJVN will develop the Solar Power Projects at suitable locations and REIL, having expertise in the field of Solar Power Projects, shall assist in Post Award Project Management Consultancy Services during implementation of Solar Power Plants.
Sharma also said that SJVN has a portfolio of 41 projects of 16422 MW capacity and has already won 1670 MW Solar Power capacity through a competitive Bidding Process. The company is targeting capex of Rs 8,000 crore in FY23. SJVN will rely on a variety of sources for funding, like debt-free cash flow from other projects, the bond market, ECB, etc., for funding of its capacity expansion.
This MoU will help SJVN in achieving Solar target set for the year 2030.