SVJN Ltd jumps 11% on bagging Rs 7,000-crore solar power contract

SJVN Ltd has secured a contract from Punjab State Power Corporation Ltd for the development and procurement of 1,200 MW of solar power

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SJVN Ltd stock jumped over 11 percent to Rs 56.10 on July 24 at 10.13 am after the company announced winning a Rs 7,000-crore contract from Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW solar power.

SJVN Green Energy, a wholly owned subsidiary of SJVN, has secured a contract for developing and manufacturing 1,200 MW of solar energy worth Rs 7,000 crore from Punjab State Power Corporation.

SGEL will develop 1,000 MW solar infrastructure from anywhere in India, with a 200 MW set-up in Punjab. SJVN has received the Letter of Intent from the PSPCL for procuring 1200 MW of solar power.

The project is expected to be commissioned within 18 months from the date of signing the power purchase agreement (PPA) and is expected to be operational by December 2024.

The commissioning of this project is expected to reduce 34.2 lakh tonnes of carbon emissions, contributing to the Government of India’s mission of reducing carbon emissions, the company said.

Earlier this week, the company also signed PPA for 300 MW of renewable energy projects. The agreements were signed by the company’s wholly-owned subsidiary, SGEL. The deal includes a 200-MW solar project in Maharashtra and 100-MW wind power capacity in Delhi. The development costs of the Maharashtra and Delhi projects are Rs 1,200 crore and Rs 750 crore, respectively.

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At 11.57 am, the stock was trading at  Rs 55.70 on NSE, up 11.07 percent from previous close.

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