Stock Report

NVVN and CONCOR sign MoU to Develop Solar Projects in CONCOR

Posted On : 2023-12-07 18:15:08( TIMEZONE : IST )

NVVN and CONCOR sign MoU to Develop Solar Projects in CONCOR

With an aim to promote sustainable and eco-friendly renewable solar energy, Container Corporation of India Limited (CONCOR) and NTPC VIDYUT VYAPAR NIGAM LIMITED (NVVN) have signed a Memorandum of Understanding (MoU) to explore the possibility of setting up PV Solar renewable energy projects in CONCOR terminals, on 7th December 2023.

The MoU, signed in the presence of Mr Sanjay Swarup CMD CONCOR and Ms Renu Narang CEO NVVN, signifies the commitment of both NVVN and CONCOR to reduce carbon emissions and to promote renewable power generation, contributing to a cleaner environment and aligning with global sustainability goals. This is in alignment with Govt. of India's commitment to achieve 500 GW renewable energy target by 2030.

Key Highlights of the MoU:

a. NVVN will explore the possibilities of setting up solar projects in CONCOR terminals.

b. CONCOR agrees to purchase & consume the Solar Power generated by the proposed Solar PV Project(s) on long term basis. NVVN and CONCOR shall enter into a separate Agreements for the same.

c. CONCOR shall provide/arrange rooftop / land/ water body required for setting up the projects to NVVN on long-term lease on mutually agreed terms before signing of Power Purchase Agreement (PPA) to be executed separately, as required in this regard.

d. NVVN will be responsible for project design, supply, execution, commissioning, and O&M of the Solar PV project. NVVN proposes to set up the Project through Engineering Procurement and Construction Contract [EPC].

Mr Sanjay Swarup -CMD CONCOR mentioned that this MoU is yet another step in the direction of promoting green energy in logistics sector as earlier CONCOR had procured LNG trucks for road transportation.

Ms Renu Narang -CEO NVVN expressed her optimism that this cooperation between the two PSUs will provide further impetus to develop solar based solutions on pan India basis at CONCOR's terminals that will facilitate in promoting sustainable energy use in the country.

Both companies are optimistic about the positive impact this collaboration will have in the logistics and transportation sector, fostering a paradigm shift towards sustainable practices in logistics sector.

Shares of Container Corporation of India Limited was last trading in BSE at Rs. 841.90 as compared to the previous close of Rs. 799.40. The total number of shares traded during the day was 137872 in over 9029 trades.

The stock hit an intraday high of Rs. 847.00 and intraday low of 793.30. The net turnover during the day was Rs. 114282157.00.

Source : Equity Bulls


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