Coal-burning plants are still dominating power generation India, while the country has earmarked $4.3 billion for clean energy in its 2023 budget. The state has also approved an IPO for state-owned renewable energy firm IREDA, as it aims to get 50 per cent electricity from clean sources.
Now government-run Satluj Jal Vidyut Nigam, is moving towards solar power generation in Maharashtra with a Rs 1,000 crore project.
What this deal means
The power firm's green energy subsidiary has signed a pact for a 200-megawatt unit, which will reduce carbon emissions by more than five lakh tonnes.
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Expected to be completed in 18 months, SJVN has won the project after posting a 22 per cent jump in profits for the October-December quarter of FY23.
It had also been on the list of public sector firms, from which the government was expected to sell stakes for raising funds.
Other projects in the pipeline
SJVN has also signed an agreement with another PSU Indian Oil, to develop renewable energy including solar and wind power, along with green hydrogen.
Apart from Maharashtra, SJVN has a Rs 1,000 crore project in Rajasthan, and has secured a loan from IREDA for the same.
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