New Delhi: The joint venture of Creduce Technologies Pvt Ltd and Hydel Construction Pvt Ltd has won the bid from state-owned Satluj Jal Vidyut Nigam Ltd (SJVN) for India’s single-largest hydropower carbon credits project.
In a statement, Credence said that the project activity will result in the creation of more than 80 million carbon credits from SJVNL’s vintage project. The carbon credit project activity is expected to fetch a revenue of around $100 million for SJVN.
SJVN and Creduce are also aiming to align with the new rules emerging from the Paris Climate Agreement.
The announcement comes at a time when the government is focussing on environment protection, and aims to achieve net-zero carbon emission by 2070, as committed by Prime Minister Narendra Modi during the COP26 summit in November last year.
Shailendra Singh Rao, founder, Creduce, said, “Pursuant to PM Modi’s announcement at COP26,…