Sikkim SJVN signs MoU with Sikkim Urja Ltd to trade 180 MW units from Teesta-III Hydro Electric Project
New Delhi/IBNS: Public sector hydropower giant SJVN has entered into a Memorandum of Understanding (MoU) with Sikkim Urja Ltd. The agreement entails the trading of 180 MW units derived from the 1,200 MW Teesta-III Hydro Electric Project to distribution licensees and open access consumers. This marks SJVN's maiden foray into the state of Sikkim.
Mr. Nand Lal Sharma, Chairman and Managing Director of SJVN, remarked that the Central Electricity Regulatory Commission has granted the company a Category-I power trading license for interstate electricity trading. The initiative aims to address the seasonal and regional fluctuations in power demand and supply, playing a pivotal role in meeting the nation's energy requirements, The Sentinel Assam.
"This strategic MoU is poised to accelerate SJVN's growth trajectory and aligns with the Indian government's vision of ensuring uninterrupted 24X7 power supply to all citizens," stated Mr. Sharma, underlining the company's commitment to supporting the national energy agenda.
The signing ceremony took place in New Delhi and was attended by prominent figures such as Mr. Akhileshwar Singh, Director (Finance) of SJVN, and Mr. S Sunil, Executive Chairman of Sikkim Urja Ltd.
SJVN, in addition to its power trading endeavors, has been designated as the renewable energy implementing agency by the Ministry of New and Renewable Energy. This designation empowers SJVN to participate in tariff-based competitive bidding processes for the procurement of renewable power. The company's diversified initiatives are aimed at ensuring a continuous and reliable power supply.
With its current project portfolio boasting a capacity of 55,814 MW, SJVN is steadfastly advancing towards its ambitious targets.
The company aims to achieve a capacity of 5,000 MW by the fiscal year 2023-24, 25,000 MW by 2030, and an impressive 50,000 MW of installed capacity by 2040. Notably, SJVN has set an ambitious goal of sourcing 50 percent of its energy from non-fossil fuel-based resources by 2030.
This collaboration underscores SJVN's commitment to innovation and sustainable growth, making strides towards transforming India's energy landscape.
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