Jaipur: Oil India Limited (OIL), a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas, and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), a state power generation company, have signed a Joint Venture Agreement (JVA) in Jaipur to establish a Joint Venture Company (JVC). The new entity will develop 1.2 gigawatts (GW) of renewable energy projects within RVUNL’s Renewable Energy Park in Rajasthan.
Partnership for a Sustainable Energy Future
The JVC will focus on harnessing 1,000 megawatts (MW) of solar power and 200 MW of wind energy, contributing significantly to India’s clean energy capacity. The agreement was formalized by Mr. Devendra Mr.ngi, Chairman & Managing Director of RVUNL, and Mr. Ranjan Goswami, Executive Director (Business Development) of OIL, in the presence of Mr. Ajitabh Sharma, Principal Secretary Energy, Rajasthan, and Mr. Trailukya Borgohain, Director (Operations) of OIL.
Combining Expertise for Renewable Energy Development
This strategic partnership leverages OIL’s vast expertise in the energy sector and RVUNL’s extensive experience in power project development. Together, they aim to deliver sustainable energy solutions by focusing on solar, wind, green hydrogen, and other renewable technologies. The power generated will be supplied to Distribution Companies (DISCOMs) and commercial customers, aiding in India’s transition to clean energy.
OIL’s Commitment to Green Energy Transition
To bolster its renewable energy ambitions, OIL has established a wholly-owned subsidiary, OIL Green Energy Limited (OGEL). OGEL spearheads OIL’s clean energy initiatives by developing a diversified portfolio that includes renewables, compressed biogas (CBG), energy storage, and green hydrogen. This initiative aligns with OIL’s broader objective of achieving net-zero carbon emissions by 2040 while maintaining sustainable financial returns.
A Milestone in India’s Renewable Energy Journey
The signing of the Joint Venture Agreement represents a significant milestone in India’s efforts to expand its renewable energy capacity. It reinforces the government’s vision of fostering innovation, sustainability, and a cleaner environment, marking a forward step in the nation’s green energy transition.
About Oil India Limited
Oil India Limited (OIL), a Navratna PSU, is India’s second-largest national oil and gas company. Headquartered in Duliajan, Assam, OIL plays a pivotal role in exploration, production, and transportation of crude oil and natural gas. The company continues to invest in skill development, sustainability, and energy security for the nation.
About RVUNL
Rajasthan Rajya Vidyut Utpadan Nigam Limited, is the state-owned power generation utility of the Government of Rajasthan, India, responsible for generating electricity within the state. Incorporated in 2000 as part of the restructuring of the Rajasthan State Electricity Board (RSEB), RVUNL took over the state’s electricity generation business. The company is involved in thermal and renewable energy projects, including a recent focus on developing large-scale solar and green hydrogen projects through joint ventures with other companies.
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