JK Embraces Solar in Landmark-Agreement

JK Embraces Solar in Landmark-Agreement

Asif Iqbal | February 27, 2024 | 07:07 PM IST | Jammu Kashmir | Follow on Google News

JK Embraces Solar in Landmark-Agreement

JK Embraces Solar in Landmark-Agreement

In a momentous development, Jammu and Kashmir is set to incorporate solar energy into its power imports, marking a significant stride towards sustainable energy practices. The Jammu and Kashmir Power Trading Corporation has recently sealed a Power Purchase Agreement (PPA) with SJVN Green Energy Limited (SGEL), paving the way for the procurement of 300 MW of energy by the region’s power utility.

The agreement, finalized in Jammu on February 23, 2024, outlines the ambitious plan to harness 300 MW of clean energy from the extensive Rs 5,491 crore 1000 MW Bikaner Solar project, slated to commence operations by July 2024. The specific cost at which this pivotal agreement was inked is yet to be disclosed, underscoring the magnitude of this transition towards renewable energy.

JK Embraces Solar in Landmark-Agreement:Boosting Investor Confidence: SJVN Ltd’s Surge in Shares

SJVN Ltd, a prominent player in India’s power sector with a primary focus on hydroelectric power generation, has experienced a notable surge in investor confidence following the announcement of this groundbreaking agreement with Jammu and Kashmir Power Utility. The company’s shares exhibited a remarkable climb, reaching a day’s high of Rs 127.65 apiece on the National Stock Exchange (NSE) on Monday. This surge reflects a positive outlook and investor optimism regarding SJVN Ltd’s strategic foray into renewable energy initiatives.

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JK Embraces Solar in Landmark-Agreement:Strategic Expansion: A Series of Agreements Solidify SJVN’s Position

The recent agreement with Jammu and Kashmir Power Corporation comes on the heels of a similar contract with Uttarakhand Power Corporation Limited (UPCL), securing 200 MW of solar electricity from the Bikaner project. This succession of agreements further solidifies SJVN’s prominent position in the renewable energy sector, showcasing its commitment to fostering sustainable practices.

JK Embraces Solar in Landmark-Agreement:SJVN Green Energy Limited (SGEL): A Wholly-Owned Subsidiary Leading the Charge

SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Ltd, is at the forefront of this renewable energy endeavor. The Bikaner Solar project, developed under the CPSU Scheme of IREDA, stands as a testament to SJVN’s dedication to contributing to India’s renewable energy landscape.

JK Embraces Solar in Landmark-Agreement:A Storied History: From Satluj Jal Vidyut Nigam to SJVN Ltd

Formerly known as Satluj Jal Vidyut Nigam, SJVN Ltd has a rich history as a public sector undertaking involved in hydroelectric power generation and transmission. Established in 1988 as Nathpa Jhakri Power Corporation, it originated as a joint venture between the Government of India and the Government of Himachal Pradesh. Today, it stands as a key player driving the shift towards sustainable energy solutions.

(Photographs used in this news report are merely representational)

Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.