SJVN gains on bagging 100 MW wind power project

SJVN rallied 3.90% to Rs 33.30 after the company said it won the full quoted capacity of 100 MW Wind Power Project at Rs 2.90 per unit on build own and operate basis through e-reverse auction.

The company participated in the tariff based competitive bidding for setting up 1,200 MW inter state transmission system connected Wind Projects in India (Phase - XIII) conducted by Solar Energy Corporation of India (SECI). The project will be developed through the company's wholly owned subsidiary, SJVN Green Energy.

SJVN said that the tentative cost of this project is around Rs 700 crore and the project is expected to generate 262 million unit (MU) in the 1st year and the cumulative energy generation over a period of 25 years would be about 6,574 MU. The commissioning of the project is expected to reduce 3,22,150 tonnes of carbon emission and would contribute in Government of India's mission of reduction in carbon emission, it added.

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.

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 consolidated basis, the company's net profit rose 10.1% to Rs 445.44 crore despite of 0.4% decrease in net sales to Rs 878.48 crore in Q2 FY23 over Q2 FY22.

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