SJVN Green Energy Bags 200 MW Solar Project in Gujarat; SJVN Ltd Shares Rise 2.5%

20 Mar 2024 , 11:58 PM

SJVN Ltd’s shares rose by 2.5% on March 4 after its subsidiary, SJVN Green Energy Ltd (SGEL), secured a 200 MW solar project in Gujarat. The solar project will be developed by SGEL on a build-own-and-operate basis, with an estimated project cost of ₹1,100 Crore, as revealed in the company’s statement on March 3.

SJVN successfully won the bid for a 200 MW capacity through tariff-based competitive bidding within the Gujarat State Electricity Corporation Ltd (GSECL) Solar Park located in Khavda, Gujarat.

Geeta Kapur, SJVN’s Chairman, anticipates the solar project to generate around 504 million units in its inaugural year of commissioning. Over 25 years, cumulative energy production is projected to reach approximately 11,732 million units.

The project is set for commissioning within 18 months from the date of signing the power purchase agreement. This 25-year agreement will be executed between GUVNL and SGEL.

At the time of writing, SJVN stocks were trading at ₹123.15 on the National Stock Exchange, marking a 1.4% increase from the previous close. Despite a significant 86% gain over six months, the shares experienced an 18% decline in the past month.

In the quarter ending December, SJVN Ltd reported a net profit of ₹135.34 Crores, indicating a decrease from ₹441.35 Crores in the preceding quarter. The net sales also witnessed a decline from ₹870.74 Crores in September to ₹536.55 Crores in December.

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