SJVN share price gains 4% on bagging 200-MW solar project

The share touched a 52-week high of Rs 170.45 and a 52-week low of Rs 30.39 on 05 February, 2024 and 27 March, 2023, respectively.

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The share price of SJVN rallied more than 4 percent in early trade on February 8 after the company received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200-MW solar power project in GUVNL Phase XXII.

At 9:21am, SJVN was quoting Rs 153.80, up Rs 6.85, or 4.66 percent, on the BSE.

SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of the company, has earlier bagged the initial 100-MW solar project through bidding and further 100 MW under a greenshoe option at a tariff of Rs 2.63 per unit on build, own and operate basis in e-RA conducted by GUVNL in December 2023.

The tentative cost of construction and development of this project is Rs 1,100 crore.

The ground-mounted solar project shall be developed by SGEL anywhere in India through EPC contract.

The power purchase agreement (PPA) shall be executed with GUVNL after adoption of tariff by GERC. The project shall be commissioned in a period of 18 months from the date of signing of PPA.

The PPA shall be signed between GUVNL and SGEL for 25 years.

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A meeting of the board of directors is scheduled on February 9 to consider and approve the financial results of the company for the quarter ended December 31, 2023 and interim dividend for the FY 2023-24, if any.

The share touched a 52-week high of Rs 170.45 and a 52-week low of Rs 30.39 on 05 February, 2024 and 27 March, 2023, respectively. Currently, the stock is trading 9.77 percent below its 52-week high and 406.09 percent above its 52-week low.