SJVN’s shares saw a robust nearly 2 percent rise in early trading on October 13, following an announcement that its subsidiary had won a significant renewable power project valued at Rs 600 crore in Rajasthan. At 9:15 am, SJVN’s stock was trading at a 1.91 percent higher value of Rs 72.24 on the National Stock Exchange (NSE). The subsidiary, SJVN Green Energy, was granted a Letter of Award (LOA) for the development of a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) in Rajasthan, at a tariff rate of Rs 2.62 per unit. The project will be executed on a build, own, and operate (BOO) basis.
The estimated development cost for this project is approximately Rs 600 crore. Furthermore, SJVN anticipates that the project will generate around 252 million units in the first year, with a cumulative energy generation of about 5,866 million units over a 25-year period, as stated in a BSE filing dated October 12.
Notable Developments in SJVN
On September 27, 2023, the hydropower generator initiated the mechanical spinning of unit-I of the 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Mori, Uttarakhand. The project is expected to produce 265.5 million units of electricity annually, as reported in a regulatory filing by SJVN. The company also constructed a 37-kilometer 220 KV transmission line for power evacuation from the Naitwar Mori HEP, extending from Bainol to Snail.
In its filing, the company underlined its dedication to tapping into non-fossil fuel energy sources and working toward a sustainable future. SJVN has set an ambitious goal to become a 50,000 MW company by 2040.
Stock Performance
Over the past six months, SJVN’s stock has recorded an impressive surge of 113.56 percent. In comparison, the Nifty50 index, a benchmark for the Indian stock market, has posted a return of 11.33 percent during the same period.
