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Joint Venture-cum-Share Holding Agreement signed between THDCIL & RRECL

Jan 31st, 2023 8:48 pm | By | Category: LATEST NEWS

(THE NEWSMAN OF INDIA.COM) Rishikesh: 31.01.2023: THDC India Limited, a Mini Ratna, Schedule-A PSU and Rajasthan Renewable Energy Corporation Limited (RRECL), a company of Govt. of Rajasthan have signed a Joint Venture-cum-Share Holding Agreement at RRECL Office in Jaipur on 30.01.2023. As per the agreement, a Joint Venture Company will be incorporated in Rajasthan with equity shareholding of THDC India Ltd. and RRECL in the ratio of 74:26 respectively. The JV Company will develop, operate, maintain Ultra Mega Renewable Energy Power Parks (UMREPP) including setting up Renewable Power Projects creating 10,000 MW capacity in various sites and phases in the State of Rajasthan. The agreement was signed in the presence of Ashutosh A. T. Pednekar, IAS, Chairman, RRECL and Anil Dhaka, IRS, Managing Director, RRECL by S.S. Panwar, Chief General Manager (Solar), THDC India Ltd and Dinesh Kumar Sharma, Director (Technical), RRECL The development comes after a MoU which was signed between the two PSUs on 15.04.2022 in Rishikesh in the presence of Rajasthan’s Additional Chief Secretary & then Chairman, RRECL and Rajeev Kumar Vishnoi, Chairman & Managing Director of THDC India Ltd.
Ashutosh A.T. Pednekar, Chairman, RRECL who was present during the signing of the agreement, said, “This is a landmark initiative in the field of renewable energy as such Mega Power Parks bring in cheap solar electricity in the region. Govt. of Rajasthan is providing all possible support and cooperation for its implementation.” Anil Dhaka, MD, RRECL said, “The UMREPP project will boost Rajasthan’s local economy and contribute to the state’s socio-economic development and highlighted the business operations of RRECL and the pivotal role company is playing in the State for expansion of renewable energy capacity in the State.”Divulging further.details, S.S. Panwar, CGM (Solar), said, “The JV Company will be registered within next few days. The power parks– pegged to be India’s biggest — would entail an estimated investment of Rs 40,000 crore. It is expected to generate more than 10,000 direct and indirect employment opportunities during the peak time of construction, which will boost the local economy. In first phase, 2000 MW Solar Park will be completed by 2025. After commissioning of all Solar Power Plants on all power parks of the JV Company, they will yield an annual revenue of about Rs 12,000 crore and will also contribute towards the RE capacity addition target of 500 gigawatts (GW) by 2030.”

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