SJVN secures floating solar project in MP

The state-run company will develop the project in India's largest floating solar park at Omkareshwar in District Khandwa, Madhya Pradesh.

SJVN secured the project at Rs 3.70/unit on a build own and operate basis in a e-Reverse Auction (e-RA) organized by REWA Ultra Mega Solar ("RUMSL"). The cost of developing the floating solar project will be approximately Rs 585 crore.

After commissioning, the project will generate 187 million units in first year and 4410 million units over a period of 25 years. The commissioning of this oroject is expected to reduce approximately 2,16,074 tonnes of carbon emission in 25 years.

The Power Purchase Agreement ("PPA") will be signed between RUMSL and SJVN for 25 years. The project shall be commissioned within a period of 21 months from the date of signing of PPA.

SJVN is implementing this project along with other renewable projects of 4090.5 MW capacity through its wholly-owned subsidiary SJVN Green Energy.

With present portfolio of around 42,000 MW, SJVN is marching forward to achieve its shared vision of 5000 MW by 2023, 25000 MW by 2030 & 50000 MW capacity by 2040.

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.

The company's board will consider Q2 results on Friday, 11th November 2022. On a consolidated basis, net profit of SJVN rose 78.07% to Rs 609.23 crore on 51.57% rise in net sales to Rs 1004.11 crore in Q1 June 2022 over Q1 June 2021.

Shares of SJVN rose 1.99% to Rs 36.95 on Thursday, 10 November 2022.

Powered by Capital Market - Live News