SJVN gains on signing MoU with Grid Corporation of Odisha

SJVN rose 2.42% to Rs 40.25 after the company said its wholly owned subsidiary SJVN Green Energy will jointly develop hydro electric projects and solar power projects in Odisha.

The company's wholly owned subsidiary, SJVN Green Energy has signed a memorandum of understanding with Grid Corporation of Odisha for developing 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha.

SJVN Green Energy and Grid Corporation of Odisha will incorporate a joint venture company for executing the proposed projects. The development of these projects will attract an investment of Rs 20,000 crore and is expected to generate 4207 million units (MUs) in first year and a cumulative generation of around 96797 MUs over a period of 25 years. It will also result in the reduction of reduce approximately 206143 tonnes of carbon emission in the first year and 4743053 during its entire life span.

The company has aligned its Shared Vision of 5000 MW by 2023, 25000MW by 2030 & 50000 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 engaged in electricity generation is the principal business activity of the company. The company is also engaged in the business of providing consultancy.

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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