Satluj Jal Vidyut Nigam (SJVN) Limited and Power Trading Corporation (PTC) India Limited have signed a memorandum of understanding to collaborate on the development of products for supplying Round the Clock (RTC) Power.
As per the company’s statement, SJVN and PTC will collaborate to develop products for the delivery of renewable energy from SJVN’s projects combined with available market capacity for the supply of RTC power to beneficiaries. Portfolio Management Services will be provided by PTC to SJVN. The main goal of this MoU is to make it easier for RTC Power to develop an energy mix based on SJVN’s renewable energy projects. In addition, PTC will gather market data on merchant power capacity availability from various sources and transmit it to PTC. Furthermore, PTC will research, investigate, create, and submit a complete report on the delivery of power from SJVN’s proposed renewable energy projects to possible beneficiaries throughout India.
Earlier this month, SJVN signed a contract with Solarworld Energy Solutions for the development of a 75 MW (AC) solar power project at Parasan Solar Park in Uttar Pradesh on an engineering, procurement, and construction (EPC) basis with subsequent operations and maintenance for three years. With the Government of India setting a 500 GW renewable energy target by 2030, SJVN has set a shared vision of capacity addition of G GW by 2023, 12 GW by 2030, and 25 GW by 2040. Other PSU energy giants have increased their objectives as well, with NTPC aiming for 60 GW by 2032.