SJVN gains on commissioning of 90 MW Omkareshwar floating solar project

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SJVN stocks rise: Shares of SJVN gained as much as 2.08 per cent to hit an intraday high of Rs 142.75 per share on Friday, August 9, 2024.

However, at 11:25 AM, shares were off highs and were trading 0.52 per cent higher at Rs 140.57 per share. In comparison, Nifty50 was up a little over 1 per cent at 24,360.05 levels.

The uptick in the share price came after the company announced that it has commissioned of 90 MW Omkareshwar Floating Solar Project.

In an exchange filing, SJVN Said, “This is to inform you that the Company has successfully commissioned the 90 MW Omkareshwar Floating Solar Project executed by SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of the Company.”

With the commissioning of the new project, the company’s total installed capacity has increased to 2,466.50 MW.

The latest addition, the 90 MW Omkareshwar Floating Solar Project, is situated in the Omkareshwar Floating Solar Park in district Khandwa, Madhya Pradesh. 

The project stands as one of the largest floating solar initiatives in Central and North India. Marking the company’s entry into the floating solar segment, it has been developed at an investment of Rs 646.20 crore, and is anticipated to generate 196.5 million units of energy in its first year. 

Over a span of 25 years, the estimated cumulative energy production is projected to reach 4,629.3 million units. This venture is expected to boost the company’s revenue by Rs 64 crore.

Currently, the company’s total project portfolio encompasses 56,802.40 MW, with ongoing projects across Hydro, Pumped Storage, Thermal, and Renewable Energy sectors.

SJVN Limited, founded in 1988 and based in Shimla, Himachal Pradesh, is an Indian public sector company specialising in power generation. 

The company manages the entire lifecycle of hydroelectric projects, including design, analysis, operation, planning, development, execution, and maintenance. 

While it initially concentrated on hydroelectric power, SJVN has expanded into thermal, solar, and wind energy sectors. It oversees major projects such as the Nathpa Jhakri and Rampur hydro power stations and is actively pursuing numerous new initiatives across India.

The total market capitalisation of the company is Rs 55,241.13 crore, according to National Stock Exchange (NSE).