SJVN shares climb 8% on bagging 100 mw solar power project

Shares of SJVN climbed 8 per cent in Monday's trade after the company won the full quoted capacity of 100 mw wind power project at Rs 2.90 per unit on build, own and operate basis through e-reverse auction.

In a filing to BSE, SJVN said the company participated in the tariff based competitive bidding for setting up 1,200 mw Inter State Transmission System connected Wind Projects in India (Phase - XIII) conducted by Solar Energy Corporation of India.

Following the development, the scrip rose 7.64 per cent to hit a high of Rs 34.50 on BSE.

"The project will be developed anywhere in India through the company’s wholly owned subsidiary SJVN Green Energy Limited. The tentative cost of the development of this project is Rs 700 crore. The project is expected to generate 262 MU in the first year of commissioning and cumulative energy generation over a period of 25 years will be about 6,574 MU," SJVN said.

The company expects the project to be commissioned in a period of 24 months from the date of signing of Power Sale Agreement (PSA). The PSA shall be executed after issuance of Letter of Intent by SECI, it said.

The commissioning of this project is expected to reduce 3,22,150 tonnes of carbon emission and would contribute in government of India’s mission to make our nation carbon neutral by 2070, SJVN said.

"The company has aligned its Shared Vision of 5,000 mw by 2023, 25,000 mw by 2030 & 50,000 mw capacity by 2040 with that of government of India’s target of achieving 50 per cent  energy from non-fossil fuel sources by 2030. As a strategic & reliable partner, SJVN plans to play a vital role in clean energy transition of the nation," the company said.

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