Energy & Renewables News

 SJVN, DVC Signs MoU To Harness 2000 MW Floating Solar Energy Projects

As per the MoU, State-owned SJVN and Damodar Valley Corporation (DVC) will jointly identify suitable water bodies and available land under the SJVN and DVC command areas for setting up renewable power projects, a statement said.

SJVN Chairman & MD, Nand Lal Sharma said this initiative is in line with the renewable energy target set by the Centre and it would enable SJVN in expanding its footprint across India.

Recently at UN Climate Change Conference (COP 26), PM Narendra Modi affirmed India’s intent of generating 500 GW of renewable energy by 2030.

Sharma also stated that under the MoU, SJVN and DVC will explore the formation of a JV for development of renewable energy projects at different locations within their command areas.

Renewable Energy Space Investments Likely To Cross USD 15 Billion In 2022

The country’s renewable energy sector is expected to grow with a likely investment of over USD 15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target. India, has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects. “In 2022, we expect the investment in renewable energy to cross at least USD 15 billion,” Union Minister for Power and New and Renewable Energy, R.K. said.

The minister also said, “We will achieve the 175 GW of renewable energy capacity target which was set by us (excluding large hydro).” There is 63 GW of renewable energy capacity which is under installation, which is expected to be completed next year, he added.