SJVN ropes in carbon credits developer EKI Energy for issuance of I-REC

State-owned power producer SJVN Ltd has roped in carbon credit developer EKI Energy Services for the registration, issuance and trading of international renewable energy certificates for its 1,500 MW Nathpa Jhakri hydropower project in Himachal Pradesh.

An International Renewable Energy Certificate (I-REC) means that one MWh (1,000 units) of electricity has been produced from renewable energy sources, SJVN said in a regulatory filing.

“SJVN has issued a letter of award to EKI Energy Services for registration, issuance and purchase/trading of I-RECs for 1,500 MW NJHPS (Nathpa Jhakri Hydroelectric Power Station),” the filing said.

I-RECs can come from wind, solar, ocean, biomass, hydroelectric, landfill gas, aerothermal, geothermal and landfill gas projects. This will have significant consequences for the environment as it will lead to a reduction in CO2 emissions.

SJVN’s NJHPS is registered in the IREC registration mechanism for the period from January 1, 2023 to December 31, 2027, the filing said.

SJVN expects total annual revenue per year to be Rs 10 crore from I-RECs.

Under the administrative control of the Union Ministry of Power, SJVN Ltd is a joint venture of the Central Government and the Government of Himachal Pradesh.