SJVN Green Energy, a subsidiary of the Indian company SJVN, and the Grid Corporation of Odisha (GRIDCO) have agreed to form a joint venture to develop a 2 GW solar project and a 1 GW hydroelectric project in the state of Odisha (eastern India). The development of these two projects will require an investment estimated at INR200bn (US$2.5bn). The plants are expected to produce around 4.2 TWh of power the first year and nearly 97 TWh over a 25-year period.
SJVN plans to develop 5 GW of renewable energy in India by 2023, 25 GW by 2030 and 50 GW by 2040 in its “Shared Vision” scheme, which is aligned on the Indian government’s goal of reaching 50% energy from non-fossil fuel sources by 2030 (36% in 2021).
At the end of 2021, solar accounted for 11.5% of India’s installed capacity with over 49 GW, and hydro represented 12% with over 51 GW.