Indraprastha Gas Ltd (IGL) and Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL) signed a joint venture agreement on Monday to establish large-scale solar power projects in Rajasthan, starting with a 500 MW solar plant. The agreement was formalized in Jaipur and represents a significant step in IGL's expansion into renewable energy.

Agreement Details and Signing Ceremony

The joint venture agreement was signed by IGL Director (Commercial) Mohit Bhatia and RVUNL Chairman and Managing Director Devendra Shringi. The signing ceremony took place in the presence of Rajasthan Principal Secretary (Energy) Ajitabh Sharma, IGL Managing Director Kamal Kishore Chatiwal, and senior officials from both companies.

Equity Structure and Governance

Under the terms of the agreement, IGL will hold 74 percent equity in the new joint venture company, while RVUNL will own the remaining 26 percent stake. The governance structure of the joint venture includes a board of six directors, with IGL appointing four nominees and RVUNL contributing two directors to the board.

Strategic Objectives and Future Plans

IGL Managing Director Kamal Kishore Chatiwal described the joint venture as an important milestone in IGL's journey toward net zero and diversification into renewable energy. He stated that by leveraging Rajasthan's high solar potential, the company aims to build a robust green energy portfolio aligned with India's target of 500 GW of renewable energy by 2030.

Chatiwal indicated that IGL has a long-term goal of achieving a renewable energy portfolio of up to 2 GW. IGL Director (Commercial) Mohit Bhatia emphasized that the collaboration with RVUNL would provide IGL with a strong platform to expand into renewables. Bhatia stated that the joint venture will enable the company to contribute meaningfully to India's clean energy transition while creating long-term value for stakeholders.

Connect with Decision-makers about the Latest Solar Photovoltaic (PV) Projects in India for business Opportunities.

Subscribe to our database on Solar Photovoltaic (PV) Projects and Tenders in India to get access to reliable and high-quality insights on upcoming, Under-construction, and completed Solar Photovoltaic (PV) Projects across the world or in your desired geographical location.

Our user-friendly platform provides essential details, timely updates, key stakeholder contact information, and business opportunities tailored for engineering companies, industry professionals, investors, and government agencies.