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SJVN Green Energy, a wholly owned subsidiary of SJVN, has signed a memorandum of understanding (MoU) with Grid Corporation of Odisha (GRIDCO) to develop 1 GW of hydroelectric projects and 2 GW of solar power projects in Odisha.
The projects will be deployed by incorporating a joint venture company.
The development of these projects is expected to attract investments of ₹200 billion (~$2.4 billion) and generate about 4,207 million units (MUs) of electricity in the first year after commissioning.
In 25 years, the cumulative generation is expected to be around 96,797 MUs.
The green projects will cut approximately 206,143 tons of carbon emissions in the first year and 4.7 million tonnes during its entire life span.
According to Mercom India Solar Open Access Market Report Q1 2022, Western Odisha has the potential to become the next hot spot for solar open access installations, considering the low wheeling charges and cross-subsidy surcharges. The region houses multiple industries, which are potential off-takers of open-access power to cut energy costs.
The company has aligned its shared vision of achieving 5 GW by 2023, 25 GW by 2030, and 50 GW of capacity by the year 2040 with that of the Indian government’s target of achieving 50% energy from non-fossil fuel sources by the end of the decade.
SJVN posted a profit of ₹4.45 billion (~$54.6 million) in the second quarter of the financial year 2023 (FY2022-23), an increase of 10% year-over-year (YoY).
In October, the company signed an MoU with the Assam Power Distribution Company to invest ₹60 billion (~$737.42 million) to develop 1 GW of floating solar projects.
The projects in Assam are expected to generate 2,192 MU of power in the first year after commissioning and scale to 50,425 MU of cumulative energy over the next 25 years.
Last month, SJVN emerged as the winner in the Maharashtra State Power Generation Company’s auction to set up a 105 MW grid-connected floating solar project at Erai Dam Solar Park in the Chandrapur district of Maharashtra.