SJVN has new subsidiary for renewable project

Shimla: State-owned SJVN has incorporated a new subsidiary ‘SJVN Green Energy Limited’ (SGEL) for executing renewable projects. SJVN chairman-cum-managing director Nand Lal Sharma on Thursday said the subsidiary company shall work in the verticals of power generation from renewable sources such as solar parks, wind and hybrid projects, battery energy storage system, assets creation in wave, biomass, small hydro and green hydrogen-based business ventures.
“Incorporated with an authorised and paid up capital of Rs 50 crores, SGEL shall work as a special purpose vehicle of SJVN for the implementation of renewable projects countrywide. The incorporation of SGEL accentuates our commitment to contribute in actualising government of India’s target of 500 GW capacity additions from non-fossil fuel resources by 2030.” The subsidiary company will have its registered office at Shimla. tnn