Maharashtra govt okays joint venture with SJVN for 5,000 MW renewable energy projects

Mumbai, Sept 16 (PTI) The Maharashtra cabinet on Tuesday approved the formation of a joint venture between the state-run Power Generation Company (Mahagenco) and Sutlej Jal Vidyut Nigam Ltd (SJVN) to develop renewable energy projects with a total capacity of 5,000 MW.

The move is part of the state's target to generate 50 per cent of its power through renewable sources by 2030 and 75 per cent by 2047, in line with the Centre's goal of achieving net zero carbon emissions by 2070. Mahagenco currently produces 428 MW of renewable power.

Under the earlier MoU signed on June 14, 2023, the two entities will develop pumped storage hydro, solar-wind hybrid, floating solar, and green hydrogen-linked projects.

In the first phase, projects with a combined capacity of 735 MW will be taken up, including Ghatghar Phase-2, lift hydro (125mw), Irai floating solar project (105mw) , Nimnawardha floating solar projects (505mw).

The meeting was chaired by Chief Minister Devendra Fadnavis.

As per the agreement, SJVN will hold 51 per cent equity while Mahagenco will hold 49 per cent. The debt-to-equity ratio will be 70:30 or 80:20, with Mahagenco meeting the equity contribution.

The joint venture board will have 6 to 10 directors, with equal representation from both sides. For the first three years, the chairperson will be nominated by SJVN. The company will appoint a CEO from SJVN, a CFO from Mahagenco, and a COO on a rotational basis between the two partners. PTI MR NSK