SJVN Ltd Shares Surge After Maharashtra Project Agreements Worth ₹48,000 Crore

27 Sep 2024 , 03:57 PM

SJVN Ltd shares rose over 5% on September 27, 2024, following the announcement of two agreements with the Maharashtra government.

At the time of writing on September 27, 2024, at 3:53 pm, SJVN Ltd stock is trading at ₹132.79, reflecting a 5.40% gain from the previous closing price. Over the past year, SJVN Ltd stock has risen by an impressive 89%, and it has gained 42% since the beginning of the current year.

SJVN signed Memorandums of Understanding (MoUs) aimed at developing pumped storage projects (PSPs) and floating solar projects (FSPs) in Maharashtra.

The estimated total investment for these projects is around ₹48,000 Crore, which is anticipated to create nearly 8,400 direct and indirect jobs. The projects will also promote eco-tourism and skill development initiatives in the state.

The MoUs were signed in Mumbai, witnessed by Maharashtra’s Deputy Chief Minister and Energy Minister, Devendra Fadnavis. One MoU, signed with the Maharashtra Department of Water Resources, focuses on five PSPs with a total capacity of 8,100 MW.

The PSPs include Kolmondapada (800 MW), Sidgarh (1,500 MW), Chornai (2,000 MW), Baitarni (1,800 MW), and Jalvara (2,000 MW).

This agreement allows SJVN to conduct surveys, investigations, and prepare Detailed Project Reports (DPR) to establish the projects in compliance with government regulations.

The second MoU, signed with Maharashtra State Power Generation Company (MAHAGENCO), pertains to a Floating Solar Project with a total capacity of 505 MW at Lower Wardha Dam.

The solar project will be developed in two phases: the first phase will cover 100 MW, while the second phase will consist of 405 MW. SJVN aims to utilize existing power evacuation infrastructure efficiently, ensuring a sustainable and reliable energy source for the region.