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SJVN gains on bagging project

Capital Market 

SJVN rose 1.67% to Rs 27.40 after the company said it secured 1000 megawatt Solar PV power project worth Rs 5,500 crore.

In an exchange filing, SJVN said it bagged the full quoted capacity of 1000 MW at a viability gap funding (VGF) support of Rs 44.72 lakh per MW by Government of India, through Request for Proposal (RFP) floated by Indian Renewable Energy Development Agency (IREDA).

The tentative cost of construction and development of this project is Rs 5,500 crore. The project is expected to generate 2365 MU in the first year and the project cumulative energy generation over a period of 25 years would be about 55062 MU.

SJVN is a Mini Ratna, Category-I and Schedule 'A' CPSE under administrative control of Ministry of Power, Govt. of India. The company has commissioned seven projects totaling 2016.5 MW of installed capacity and 86 km 400 KV Transmission Line. SJVN is presently implementing or operating power projects in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh and Gujarat in India besides neighboring countries of Nepal and Bhutan.

As of 30 June, the Government held 86.77% stake in the PSU company.

On a consolidated basis, the company posted a 13% rise in net profit to Rs 342.13 crore on a 1.7% decline in net sales to Rs 662.46 crore in Q1 FY22 over Q1 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, September 27 2021. 11:12 IST