Creduce Technologies Private Limited – HCPL JV 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 Kartik Upadhyay, 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 Nathpa Jhakri 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 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.
About Shailendra Singh Rao
Serial Entrepreneur, Founder of Two Successful start-ups in domains such as Renewable Energy consulting (Envarrior Consulting Services, now Creduce) & On-demand Hyperlocal Laundry Services (www.Laundrynow.in, an Internet-based start-up) Awarded as ‘Entrepreneur of the Year 2016’ by The Entrepreneur Magazine & Franchise India Group, ‘Entrepreneur of the Year 2017’ by APS Media Group and ‘Entrepreneur of the Year 2017’ by Times Media and Bharti Airtel. Made it to FORBES 100 notable under 40 Entrepreneurs in India.
C stands for Carbon, Climate Change, whereas Reduce represents the need to eradicate, offset and eradication of the debilitating effects – Hence Creduce
For the past decade, Creduce has been a pioneer in the field of Climate change mitigation technologies consulting and Global Carbon Credits advisory services. Creduce has a wide presence with projects located in the Pan Indian States and Globally. Climate and human development are sides of the same coin. Creduce strives for a world where businesses, governments and communities make climate action the new normal.