State-owned SJVN Ltd. has incorporated a new subsidiary to undertake renewable energy business. In a stock exchange filing, SJVN stated that the new wholly-owned subsidiary ‘SJVN Green Energy Ltd’ received its certificate of incorporation from the Union ministry of corporate affairs on March 30, 2022. The wholly-owned subsidiary company shall carry out business in the field of power generation, in particular solar parks/projects, wind projects & hybrid projects, including battery energy storage systems (BESS), asset creation in wave, biomass, small hydropower, and green hydrogen-based business.
SJVN added that the new subsidiary has received all mandatory approvals from Central agencies like NITI Aayog, Department of Public Asset Management (DIPAM), Union ministry of finance etc.
SJVN Ltd. recently shared its vision of having installed capacity of 5 GW by 2023, 25 GW by 2030 and 50 GW by 2040 led by clean energy projects.