SJVN arm inks MoU with Assam Power Distribution Company

SJVN said that its wholly owned subsidiary, SJVN Green Energy signed a Memorandum of Understanding (MoU) with Assam Power Distribution Company for developing 1,000 MW floating solar power projects in Assam by incorporating a joint venture company.

The project will generate 2,192 million units in first year after commissioning and around 50,425 million units cumulative energy will be generated over 25 years, the firm stated.

SJVN further said that it will make an investment of Rs 6,000 crore in the state for the development of the project.

The company has aligned its shared vision of 5,000 MW by 2023, 25,000 MW by 2030 & 50,000 MW capacity by 2040 with that of Government of India's target of achieving 50% energy from non-fossil fuel sources by 2030. As a strategic & reliable partner, SJVN plans to play a vital role in clean energy transition of the nation, The company stated in the press release.

SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in Power Transmission & Power Trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

On a consolidated basis, net profit of SJVN rose 78.07% to Rs 609.23 crore on 51.57% rise in net sales to Rs 1004.11 crore in Q1 FY23 over Q1 FY22.

Shares of SJVN were up 0.62% to Rs 32.45 on the BSE.

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