SJVN up 3% on pact with Maharashtra State Power Generation

The agreement is for the development of 5,000 MW renewable energy projects, which include hydro, pumped storage, wind, solar, hybrid and green hydrogen units

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Shares of SJVN rose more than 3 percent in the morning trade on June 15 after the company signed an agreement with Maharashtra State Power Generation Company for the development of 5,000 MW renewable energy projects in the western state.

At 9.48 am, SJVN was quoting at Rs 39.57, up 2.97 percent from the previous close. The stock was trading with volumes of 2,056,457 shares against its five-day average of 1,654,809, an increase of 24 percent.

“The MoU has been signed to explore the feasibility of setting up various renewable projects in Maharashtra, which includes hydro, pumped storage, wind, solar, hybrid and green hydrogen projects,” SJVN said in an exchange filing.

SJVN and Maharashtra State Power Generation Co will collaborate on tenders for the renovation and modernisation of small hydro power stations operated by MAHAGENCO.

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With the signing of the agreement, the company now has a project portfolio of 54,065 megawatts (MW). Out of this, 2,091.5 MW is already in operation, while the rest is in various stages of development.

SJVN aims to achieve a shared vision of reaching a capacity of 5,000 MW by 2023-24, 25,000 MW by 2030, and 50,000 MW by 2040, it said.

The scrip has gained around 8 percent this week. Earlier this week, the power generation company’s subsidiary bagged the entire quoted capacity of 200 MW for a wind power project, which supported the positive sentiment for the stock.

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