SJVN Ltd said it has received the finance ministry's permission to form four joint venture firms for the development of hydro and renewable projects with a total capacity of 8,778 MW in India and Nepal.

A company statement said, "SJVN will be the leading partner in three joint venture companies, whereas SJVN's wholly-owned subsidiary SJVN Green Energy Ltd (SGEL) will be the leading partner in the fourth JV."

"The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India has agreed to the proposal of SJVN and Ministry of Power to form four joint venture (JV) companies for the development of Hydro and Renewable Projects in India and Nepal," the statement said.

SJVN will form a JV with Maharashtra State Power Generation Company Ltd to develop 5,000 MW Renewable Energy Projects.

Another JV will be formed between SJVN, Government of Arunachal Pradesh and Navyuga Engineering Company Ltd.

The JV will execute the development of the 1,878 MW Oju Hydro Electric Project in Arunachal Pradesh.

In the third JV, SJVN will be collaborating with Nepal Electricity Authority and GMR Energy Limited for the implementation of 900 MW Upper Karnali Hydro Electric Project in Nepal. In this JV, SJVN & GMR will have an equal equity partnership.

The wholly-owned subsidiary of SJVN, SGEL will be forming a JV with Assam Power Development Company Ltd.