New Delhi, Aug 10 (PTI) State-owned SJVN Ltd has signed initial pacts with Oil & Natural Gas Corporation (ONGC) and Sambhar Salts Limited (SSL), a subsidiary of Hindustan Salts Limited for development of solar parks and projects.

SJVN Ltd signed two Memorandums of Understanding (MoUs) with ONGC and SSL, company's CMD Nand Lal Sharma said in a statement.

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"The MoU with ONGC will pave a way for joint development of renewable energy projects including offshore & onshore solar, wind, hybrid, round the clock (RTC) projects, venturing into new technologies such as green hydrogen, green ammonia etc," he said.

The projects will be executed through formation of a joint venture company between ONGC and SJVN Green Energy Ltd (SGEL), a wholly-owned subsidiary of SJVN, Sharma said.

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Under the MoU with Sambhar Salts, solar projects/parks will be developed by SGEL in a phased manner on the identified land bank of SSL, the CMD said.

Sharma further added that "both the parties shall explore avenues for equity partnership, revenue sharing mechanism for development of solar projects through project specific implementation agreements."

(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)