SJVN bags 1000 MW solar PV power project

SJVN on Friday bagged the project for 1,000 MW Grid connected solar PV power through Request for Proposal (RFP) floated by Indian Renewable Energy Development Agency Limited (IREDA).

SJVN bagged the full quoted capacity of 1,000 MW at a viability gap funding (VGF) support of Rs 44.72 Lakh per MW by Government of India. Viability gap funding (VGF) is a one-time grant or deferred grant, provided to support infrastructure projects that are economically justified but fall short of financial viability.

The tentative cost of construction and development of this project is Rs 5,500 crore. The project is expected to generate 2,365 million units (MU) in the first year and the project cumulative energy generation over a period of 25 years would be about 55,062 MU.

The projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 175 GW by 2022 set by Government of India.

Shares of SJVN closed 0.19% lower at Rs 26.95 on Friday.

SJVN is a Mini Ratna, Category-I and Schedule 'A' CPSE under administrative control of Ministry of Power, Govt. of India. The company's present installed capacity is 2016.51 MW and aims to be 5000 MW company by 2023. As of 30 June, the Government held 86.77% stake in the PSU company.

On a consolidated basis, the company posted a 13% rise in net profit to Rs 342.13 crore on a 1.7% decline in net sales to Rs 662.46 crore in Q1 FY22 over Q1 FY21.

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