The collaboration between Indraprastha Gas Limited (IGL) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) through the Joint Venture Agreement (JVA) signifies a significant step towards establishing large-scale solar power projects in the vibrant state of Rajasthan.
The signing ceremony held in Jaipur, witnessed the official agreement between Mr. Mohit Bhatia, Director (Commercial) of IGL, and Mr. Devendra Shringi, Chairman & Managing Director of RVUNL, in the esteemed presence of Mr. Ajitabh Sharma, Principal Secretary of the Department of Energy, Government of Rajasthan. The event also saw the attendance of Mr. Kamal Kishore Chatiwal, Managing Director of IGL, along with senior officials from both organizations.
The primary focus of this partnership is the development of a 500 MW solar power plant by the newly established joint venture company. With IGL holding a majority stake of 74% and RVUNL at 26%, the Board of Directors will be composed of six members – four from IGL and two from RVUNL.
Expressing his views on this strategic alliance, Mr. Kamal Kishore Chatiwal emphasized the significance of this joint venture in IGL’s journey towards achieving net zero emissions and diversifying into renewable energy. Leveraging Rajasthan’s abundant solar potential, the aim is to construct a robust green energy portfolio in alignment with India’s ambitious target of 500 GW of renewable energy by 2030, with a long-term vision of reaching a portfolio of up to 2 GW.
Mr. Mohit Bhatia highlighted that the collaboration with RVUNL presents IGL with a solid foundation to venture into the renewable energy sector. This joint venture not only positions IGL to contribute significantly to India’s transition towards clean energy but also promises to create enduring value for its stakeholders.
The partnership between IGL and RVUNL underscores their shared commitment to sustainability, cleaner energy, and paves the way for future investments in renewable technologies, showcasing a forward-looking approach towards a greener future.
