HCPL JV enters into India’s largest Hydro Power Carbon Credits project with Satluj Jal Vidyut Nigam sized 1500 MW
Mumbai: Creduce Technologies Private Limited – HCPL JV has announced winning the bid for India’s single largest Hydro Power Carbon Credits project with Satluj Jal Vidyut Nigam Ltd. The project activity will result in the creation of more than 80 million carbon credits from Satluj Jal Vidyut Nigam’s vintage project, making it the biggest public-private collaboration for the claim and trade of carbon credits in the country. The carbon credit project activity is poised to fetch approx USD 100 Million revenue into SJVN’s books.
SJVN invited bids from the eligible service providers for availing the carbon credits. Creduce – HPCL JV emerged as the winner of the rigorous tendering process. SJVN and Creduce are also aiming to align with the new rules emerging from the Paris Climate Agreement.
The announcement is a major step towards the mission of achieving net-zero emissions by the year 2070 as announced by Prime Minister Narendra Modi during the COP26 summit.
Commenting on the mega collaboration, Shailendra Singh Rao, Founder, Creduce, says, “Pursuant PM Modi’s announcement at COP26, Creduce has embarked on the ambitious journey of creating and servicing within the compliance and voluntary carbon credits framework for all green projects to claim and utilize carbon credits. We are honoured to be a part of this deal where we would help SJVN claim millions in carbon credits and subsequent revenues over the coming decade.”
With SJVN’s vintage and future produce, the numbers would definitely help enhance the health of the balance sheet and support the implementation of more such projects in Himachal Pradesh and other parts of the country.
“We are proud to have partnered with Creduce to help de-carbonise the Indian and global economy. It is incumbent among each firm, be it government or private to commit to the carbon markets and help the fight against climate change,” said KartikUpadhyay, Managing Director, Hydel Consultants Private Limited (HCPL).
The additional revenue will also bolster efforts for SJVN’s additional projects that it is implementing and operating in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat and Arunachal Pradesh in India, besides neighbouring countries of Nepal and Bhutan.
The Satluj Jal Vidyut Nigam Ltd (SJVN) began with a single project and state operation (i.e. India’s largest 1500 MW NathpaJhakri Hydro Power Station in Himachal Pradesh). However, the Indian public sector undertaking has commissioned several projects totalling more than 2500 MW of installed capacity. Besides the NathpaJhakri project, SJVN also has a Rampur Hydro Power project in Himachal Pradesh with a capacity of 500 MW together with consolidated installed and upcoming wind and solar power contributing to another 500 MW.