SJVN gains on inking two MoUs with Govt of Maharashtra

SJVN advanced 2.94% to Rs 129.70 after the company said that it has signed two memorandums of understandings (MoUs) with Government of Maharashtra for development of pumped storage projects (PSP) and floating solar projects in Maharashtra.

The company has signed MoU with Department of Water Resources, Government of Maharashtra, for development of five pumped storage projects of total capacity of 8100 megawatt (MW).

The second MoU was signed between the company and Maharashtra State Power Generation Company (MAHAGENCO) for the development of 505 MW floating solar project at Lower Wardha Dam in Maharashtra.

The 505 MW floating solar project will be developed in two Phases. The first phase will be of 100 MW and second phase will be of 405 MW. The phased development will ensure optimal use of existing power evacuation infrastructure and will provide a sustainable and reliable energy source for the region.

The 8100 MW pumped storage projects include 800 MW Kolmondapada,1500 MW Sidgarh, 2000 MW Chornai, 1800 MW Baitarni and 2000 MW Jalvara pumped storage projects.

The total estimated investment on these projects will be to the tune of Rs 48,000 crore and will generate approximately 8400 direct and indirect employment opportunities. The projects will also support eco-tourism and skill development initiatives which will benefit the local communities.

This MoU will facilitate the company to undertake survey & investigation, preparation of DPR and further establishment of the aforesaid projects in Maharashtra in a time bound manner as per the prevailing rule/policies/schemes of the Central/ State Government.

SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.

The companys consolidated net profit jumped 31.4% to Rs 357.09 crore in Q1 FY25 as compared with Rs 271.75 crore in Q1 FY24. Net sales increased 29% YoY to Rs 870.37 crore in Q1 FY25.

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