State-owned SJVN on Thursday said it has incorporated a new subsidiary for executing renewable projects. The new subsidiary, SJVN Green Energy Ltd (SGEL) shall work in the verticals of power generation from renewable sources such as solar parks, wind & hybrid projects, battery energy storage system, assets creation in wave, biomass, small hydro and green hydrogen-based business ventures. “Incorporated with an authorized and paid up capital of Rs 50 crore, SGEL shall work as a special purpose vehicle of SJVN for the implementation of renewable projects countrywide. The incorporation of SGEL accentuates our commitment to contribute in actualizing Government of India’s target of 500 GW capacity additions from non-fossil fuel resources by 2030,” SJVN Chairman & Managing Director Nand Lal Sharma said in a statement. The subsidiary shall have its registered office at Shimla, Himachal Pradesh and will commence business operations shortly. At present, SJVN has a portfolio of more than 16,900 MW with presence in 9 states of India besides two neighbouring countries namely Nepal and Bhutan.