SJVN rises over 3% after PSU subsidiary bags 100 MW solar power project

SJVN Share Price: Shares of SJVN got early morning boost on BSE on Wednesday (December 27, 2023) after the government PSU's subsidiary received 100 MW solar power project through e-Reverse auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL).
 
The SJVN stock was up by 2.93 per cent, or Rs 2.68, at Rs 94.25 at 9:35 on Wednesday.

"The Company successfully bagged the quoted capacity of 100 MW Solar Project @ ₹2.63/Unit on Build Own and Operate basis through a tariff based competitive bidding process of GUVNL," said SJVN in a statement. 

This ground mounted solar project will be developed by the company's wholly owned subsidiary i.e., SJVN Green Energy Limited (SGEL) at a tentative cost of Rs 550 crore, the company said.

"The project shall be developed anywhere in India and is expected to be commissioned within 18 months from the date of signing of the Power Purchase Agreement (“PPA”). The PPA shall be signed between SGEL & GUVNL for 25 years," SJVN further said.

SJVN is a joint venture of the government of India and the government of Himachal Pradesh. It has got the status of Mini Ratna and Schedule 'A' PSU.