SJVN Limited and Indian Oil Corporation Limited (IOCL) have, reportedly, inked an agreement to form a joint venture (JV) for developing renewable energy projects.
The renewable energy projects include solar, wind, hydro and hybrid power projects. The companies will also develop energy storage systems, such as battery storage and pumped storage projects for the supply of round-the-clock power. The power generated from these projects will be supplied to refineries of IOCL and its other establishments. Further, the power will also be sold to third parties through energy exchanges. The JV company will also venture into electric mobility infrastructure, and the production of green hydrogen and other green synthetic fuels.