State-run SJVN Ltd on Thursday said its arm SJVN Green Energy Ltd (SGEL) and Grid Corporation of Odisha (GRIDCO) will form a joint venture to develop a 1,000-MW hydroelectric project and 2,000-MW solar project entailing an investment of Rs 20,000 crore. The two companies signed a memorandum of understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company, SJVN said in a statement on December 1.

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"This MoU will pave a way for formation of Joint Venture between SGEL and GRIDCO for generating green power, new direct and indirect employment opportunities, boost to local businesses, carbon emission reduction, sustainable and overall development of the state. This will also enhance green generation capacity and will help in meeting the Renewable Purchase Obligation target of Odisha," SJVN Chairman & Managing Director Nand Lal Sharma said.

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The development of 1,000-MW hydroelectric project and 2,000-MW solar power project will attract an investment of Rs 20,000 crore in Odisha, Sharma said. During the Make in Odisha Conclave 2022, Sharma also participated in the panel discussion on the topic, ‘Towards Greener Energy,’ along with other eminent dignitaries.

The present total portfolio of SJVN is around 42,000 MW and out of this around 97 percent is based on non-fossil fuel sources with presence across India and abroad. The company has achieved exponential growth in recent years and now has 69 projects in various stages of development.

(Edited by : Shoma Bhattacharjee)