SJVN surges 4% as subsidiary bags wind power project

SJVN Green Energy will develop a wind power project in India through an engineering, procurement, and construction (EPC) contract with an estimated cost for constructing and developing this project of Rs 1,400 crore, SJVN said.

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Shares of SJVN surged 4 percent on June 13 as the power generation company’s subsidiary bagged the entire quoted capacity of 200 MW for a wind power project.

At 9:17 am, shares of the company were trading 3.7 percent higher at Rs 39.49 on the BSE. In the past three months, the stock is up 16 percent. Looking at the upmove in the past decade, the scrip has almost doubled, climbing to Rs 38 from Rs 20.

The company’s subsidiary SJVN Green Energy took part in a competitive bidding process organized by Solar Energy Corporation of India (SECI). The bidding was for the selection of wind power developers to establish 1,200 MW interconnected wind power projects in India (Phase-XIV). SJVN Green Energy successfully secured the entire quoted capacity of 200 MW for a wind power project, the company said in an exchange filing.

The project will be executed on a Build Own and Operate (BOO) basis and the tariff for the electricity generated will be Rs 3.24 per unit. The selection was made through an electronic reverse auction (e-RA) process, the company added.

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SJVN Green Energy will develop a wind power project in India through an engineering, procurement, and construction (EPC) contract with an estimated cost for constructing and developing this project of Rs 1,400 crore.

The project is anticipated to generate approximately 578.16 million units of electricity annually, with a cumulative energy generation of around 14,454 million units over a period of 25 years. It must be commissioned within 24 months from the date of signing the Power Supply Agreement (PSA).

During the quarter ended March, consolidated net sales jumped 56 percent YoY to Rs 503.77 crore while net profit shot up 130 percent to Rs 17.21 crore.

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