SJVN gains on bagging LoI for 125 GW solar power projects in UP

SJVN advanced 2.81% to Rs 31.05 after the company bagged 125 MW grid connected solar power project in UP Solar Park in Uttar Pradesh.

The company has been issued Letter of Intent (LoI) by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) for building 75 MW grid connected solar power project at Gurhah, in Jalaun District and 50 MW grid-connected solar power project at Gujrai, in Kanpur Dehat District in the state of Uttar Pradesh through tariff-based competitive bidding.

SJVN has quoted tariff of Rs 2.98 per KWh for both these projects and power generated from these projects will be procured by UPNEDA for 25 years.

These 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.

SJVN, a Mini Ratna, Category-I and Schedule 'A' CPSE under administrative control of Ministry of Power, Government of India. The company has a portfolio of more than 16,000 MW, out of which 2016.5 MW is under operation and the rest is under various stages of development.

The Government of India held 59.92% stake in the company while the Government of Himachal Pradesh held 26.85% stake as on 30 September 2021.

The company's consolidated net profit declined 22.80% to Rs 404.72 crore on a 3.31% rise in sales to Rs 882.32 crore in Q2 FY22 over Q2 FY21.

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