Creduce Technologies-Hydel Consultants Private Limited (HCPL) Joint Venture (JV) has won the bid for India’s single largest Hydro Power Carbon Credits project with Satluj Jal Vidyut Nigam Limited (SJVN). SJVN’s vintage project will result in the development of more than 80 million carbon credits, making it the country’s largest public-private collaboration for the claim and trade of carbon credits. The carbon credit initiative is expected to bring in about $100 million in revenue for SJVN.
SJVN requested eligible service providers to submit bids for carbon credits. SJVN and Creduce are also attempting to comply with the Paris Climate Agreement’s new rules. As per the reports, the announcement is a significant step towards India’s aim of reaching net-zero emissions by 2070, which was declared during the COP26 summit.
Earlier this month, SJVN Limited submitted a Letter of Intent to construct 10,000 MW of solar power projects in Rajasthan over the next five years. The Government of Rajasthan dutifully recognised the Letter of Intent and pledged its full cooperation. SJVN plans to develop 10,000 MW of renewable energy projects on land banks in Rajasthan, which will be awarded by Rajasthan Renewable Energy Corporation Limited. An investment of Rs 500 billion has been estimated for the development of these projects.