SJVN Secures 100 MW Solar Project, Shares Surge

SJVN Secures 100 MW Solar Project, Shares Surge

VoM News Desk | December 27, 2023 | 12:09 PM IST | Breaking News | Follow on Google News

SJVN Secures 100 MW Solar Project, Shares Surge/Pixabay

SJVN Secures 100 MW Solar Project, Shares Surge

SJVN’s stock soared by 4.42% to ₹95.60 following its successful acquisition of a substantial solar power project. The company confirmed its attainment of a 100 MW solar project in an e-reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL).

The secured project, quoted at ₹2.63/unit, will be established by SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary, on a build-own-operate basis. The estimated project cost stands at ₹550 crore, with expectations to commission it within 18 months from signing the Power Purchase Agreement (PPA) with GUVNL, spanning 25 years.

Anticipated to generate around 252 million units in its initial year and approximately 5,866 million units over 25 years, this solar venture is projected to reduce carbon emissions by 2,87,434 tonnes.

“This addition elevates SJVN’s solar & wind portfolio to 5,090.5 MW, including operational, under-construction, and projects in various stages of implementation. The company is aggressively progressing towards its goal of achieving 12,000 MW by 2026, and aims for 25,000 MW by 2030 and 50,000 MW by 2040,” stated the company.

SJVN, a Mini Ratna, Category-I, and Schedule-A CPSE under the Ministry of Power, Govt. of India, initiated in 1988 as a joint venture between the Government of India and the Government of Himachal Pradesh. As of September 30, 2023, the Government of India owned 59.92%, the Government of Himachal Pradesh held 26.85%, and the remaining 13.23% was publicly owned.

Buoyed by notable order wins and strategic alliances, SJVN’s shares have been on an upward trajectory since March 2023, surging from ₹30.40 to ₹93.60, marking a 208% return. As of 11:15 AM, the stock was trading at ₹93.65, registering a 2.29% gain.

VoM News Desk

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