The State government to give a push for green energy has formed the Tamil Nadu Green Energy Corporation Limited (TNGECL) by hiving off the Renewable Energy wing of the Tamil Nadu Generation and Distribution Corporation (Tangedco) and merging it with Tamil Nadu Energy Development Agency (TEDA). The new company has been formed under the Companies Act, 2013.
A Government Order issued by the Energy Department on Friday said, the company called TNGECL has been formed with the aim to fast track the State’s energy transition plans and at the same time help in getting access for funds for green projects.
The green energy company which is set to have nine board members, including the Chairman and Managing Director, has set out a broad perspective to help accelerate several renewable projects of wind, hydro and solar power, as also helping in decluttering the clearance process by creating a single window clearance system for green developers.
Among the other important objectives includes the handing over of the existing and upcoming green projects of hydro-generation, pumped-hydro and all other renewable energy projects executed by Tangedco and the new green projects of procurement, development and construction.
The new company would also be involved in the ways and means of integrating the renewable energy in the existing power grid and explore the opportunities of energy storage solutions like batteries for stable and consistent power supply. It would also play a role in technology tie-ups with national and international players as also skill training.
The Energy Department having accorded the sanction for creating a new green company, which was based on the recommendation of Tangedco’s Chairman and Managing Director Rajesh Lakhoni, has proposed to kick-start the company in the current financial year for which Articles of Association and Memorandum of Association, the transfer schemes with details of the financial statement and human resources are finalised after the State government approves the incorporation.
The Energy Department in the same G.O. has proposed restructuring of Tangedco into separate generation and distribution companies called Tamil Nadu Power Generation Corporation Limited (TNPGCL) under the Companies Act, 2013.
