The Hydel Consultants-Creduce joint venture has bagged a bid for a hydropower carbon credits project from state-owned SJVN Ltd. The joint venture announced winning the bid for India’s single-largest hydropower carbon credits project with SJVN Ltd, according to a statement.
The project activity will result in the creation of over 80 million carbon credits from SJVN’s vintage project, making it the biggest public-private collaboration for the claim and trade of carbon credits in the country, it added.
The carbon credit project activity is poised to fetch about USD 100-million revenue into SJVN’s books, it stated.
SJVN invited bids from the eligible service providers for availing of the carbon credits.
The Hydel Consultants Pvt Ltd-Creduce joint venture emerged as the winner of the rigorous tendering process, it stated.
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, it added.
Creduce founder Shailendra Singh Rao said, “We are honoured to be part of this deal where we would help SJVN claim millions in carbon credits and subsequent revenues over the coming decade.”
Hydel Consultants Managing Director Kartik Upadhyay said, “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.
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.
SJVN began with a single project and state operation (i.e. India’s largest 1,500-megawatt Nathpa Jhakri Hydro Power Station in Himachal Pradesh).
However, SJVN has commissioned several projects totalling more than 2,500 MW of installed capacity.
Besides the Nathpa Jhakri 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.
