SJVN jumps on getting LoI from GUVNL for 200 MW Solar Power Project

SJVN is currently trading at Rs. 149.30, up by 2.35 points or 1.60% from its previous closing of Rs. 146.95 on the BSE.

The scrip opened at Rs. 155.00 and has touched a high and low of Rs. 160.90 and Rs. 148.10 respectively. So far 6543755 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 170.45 on 05-Feb-2024 and a 52 week low of Rs. 30.39 on 27-Mar-2023.

Last one week high and low of the scrip stood at Rs. 170.45 and Rs. 128.75 respectively. The current market cap of the company is Rs. 58946.93 crore.

The promoters holding in the company stood at 81.85%, while Institutions and Non-Institutions held 7.65% and 10.51% respectively.

SJVN has received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for 200 MW Solar Power Project in GUVNL Phase XXII. SJVN Green Energy (SGEL), a wholly owned subsidiary of the Company has earlier bagged the initial 100 MW Solar Project through bidding and further 100 MW under Greenshoe option at a tariff of Rs 2.63 per unit on Build Own and Operate basis in e-RA conducted by GUVNL in December 2023.

The tentative cost of construction and development of this project is Rs 1,100 crore. The Ground Mounted Solar Project shall be developed by SGEL anywhere in India through EPC contract. The Power Purchase Agreement (PPA) shall be executed with GUVNL after adoption of tariff by GERC. The Project shall be commissioned in a period of 18 Months from the date of signing of PPA. The PPA shall be signed between GUVNL and SGEL for 25 years.

The project is expected to generate 508.4 million units in first year after commissioning and the projected cumulative energy generation over a period of 25 years is 11,836.28 million units. The commissioning of this project is expected to reduce 5,79,976 tonnes of carbon emission and would contribute in Government of India mission of reduction in carbon emission.

The Company is on rapid progression to achieve its Shared Vision of 25,000 MW by 2030 & 50,000 MW by 2040. This Shared Vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.

SJVN’s principal business activity is electricity generation. The company is also engaged in the business of providing consultancy.