The shares of the hydroelectric power generation and transmission company gained up to 4 percent after the company’s subsidiary received a 200 MW (Phase XXIII) solar power project.
With a market capitalization of Rs 48,415.08 crore, the shares of SJVN Ltd were trading at Rs 122.65 per share, increasing around 1.57 percent as compared to the previous closing price of Rs 120.90 apiece.
According to the company filing, SSJVN Green Energy Limited (“SGEL”) a wholly Owned Subsidiary of SJVN Ltd received a 200 MW (Phase XXIII) solar power project in GSECL Solar Park at Khavda, Gujarat worth Rs 1,100 Cr from Gujarat Urja Vikas Nigam Limited (“GUVNL”)
Additionally, The initiative aims to create around 504 Million units (MUs) in the first year and a total of 11,732 MUs over 25 years. The project is to be commissioned within 18 months of signing the Power purchase agreement (PPA). The PPA between GUVNL and SGEL will be signed for 25 years.
On February 7, 2024, The Company received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW Solar Power Project in GUVNL Phase XXII.
Furthermore, The commissioning of this Project is expected to reduce 5,74,868 Tonnes of carbon emission and would contribute to GoI’s mission of reduction in carbon emission.
Moreover, The Company is on track to meet its shared vision of 25,000 MW by 2030 and 50,000 MW by 2040. The Shared Vision aligns with the Government of India’s objective to generate 50% of energy from non-fossil fuels by 2030.
The company’s revenue decreased by 2 percent, from Rs 552 crore in Q3FY23 to Rs 543 crore in Q3FY24. During the same period, net profit decreased by 51 percent, from Rs 287 crore to Rs 139 crore.
SJVN Limited is an India-based firm that primarily generates energy and charges a price for doing so. The company manufactures and offers three main goods and services: power generation (hydro, wind, and solar), consulting, and transmission.
Written by:- Abhishek Singh
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