SJVN subsidiary bags 100 MW solar power project worth Rs 600 crore in Rajasthan; stock up 2%

Shares of SJVN jumped nearly 2 percent in early trade on October 13 after its subsidiary bagged renewable power project worth Rs 600 crore in Rajasthan. At 9:15 am the SJVN stock was trading 1.91 percent higher at Rs 72.24 on NSE. SJVN subsidiary SJVN Green Energy has received a Letter of Award (LOA), at a tariff of Rs 2.62 per unit, for the development of a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) in Rajasthan. The solar project will be developed on a build, own, and operate (BOO) basis.

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The tentative cost of development of this project is around Rs 600 crore. Further, the project is expected to generate about 252 million units in the 1st year and the cumulative energy generation over a period of 25 years would be about 5,866 million units, SJVN stated in a BSE filing dated October 12.

Recent developments in SJVN

The hydropower generator commenced the mechanical spinning of unit-I of 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Uttarakhand’s Mori on September 27, 2023. The project will generate 265.5 million units of electricity, annually, SJVN said in a regulatory filing. The company has constructed a 37-km 220 KV transmission line for evacuation of power from Naitwar Mori HEP from Bainol to Snail.

“This achievement reaffirms the commitment of the company to harness the energy from non-fossil fuel sources. Marching towards sustainable future, the company has aimed to be a 50,000 MW company by 2040,” the filing said.

Stock Performance

SJVN stock has surged by 113.56 percent over the last six months. The benchmark Nifty50 index has given a return of 11.33 percent over the same duration.

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