SJVN jumps on securing solar power project in Gujarat

SJVN rose 1.64% to Rs 27.95 after the company said it has secured 100 MW grid connected solar power project in Gujarat.

SJVN has secured the project through tariff based competitive bidding conducted by Gujarat Urja Vikas Nigam ('GUVNL'). The tentative cost of project development will be Rs 500 crore.

The project will generate 245.28 million units energy annually and the cumulative energy generation over a period of 25 years will be 6132 million units approximately.

Further, the energy generated from this project will be procured by GUVNL for 25 years. The power purchase agreement between SJVN and GUVNL will be signed shortly.

"This project will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 25000 MW by 2030 and 50000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 500 GW by 2030 set by Government of India," the company said in a statement.

SJVN is a hydroelectric power generation company. The Government of India holds 59.92% stake in the company while State Government of Himachal Pradesh holds 26.85% stake.

On a consolidated basis, net profit of SNJV declined 43.60% to 235.46 crore on 11.19% increase in net sales to Rs 549.14 crore in Q3 December 2021 over Q3 December 2020.

Powered by Capital Market - Live News