New Delhi, Feb 16 (PTI) State-owned SJVN has signed an initial pact with Rajasthan Electronics and Instruments Ltd (REIL) for development of solar projects.

"SJVN Ltd has entered into an MoU with REIL for providing consultancy services in development of solar energy projects to be set up by SJVN in different locations across the country," a company statement said.

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REIL is under the administrative control of Ministry of Heavy Industries, having the mandate to implement and promote solar PV projects of Ministry of New & Renewable Energy.

The Memorandum of Understanding (MoU) was signed by A K Singh, Director (Finance), SJVN and Rakesh Chopra, Managing Director, REIL.

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SJVN CMD Nand Lal Sharma said that under the MoU, SJVN will develop solar power projects at suitable locations and REIL, having expertise in the field of solar projects, shall assist SJVN in consultancy services.

SJVN has a portfolio of 41 projects of 16,422 MW capacity and has already won 1,670 MW solar power capacity through a competitive bidding process.

The company is targeting capex of Rs 8,000 crore in FY23.

SJVN has aligned its targets in line with that of Government of India with the shared vision of capacity addition of 5,000 MW by 2023, 25,000 MW by 2030 and 50,000 MW by 2040.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)