Shares of SJVN Ltd rose by 2.5% following the announcement that its subsidiary, SJVN Green Energy Ltd (SGEL), secured a 200 MW solar project in Gujarat. The project, estimated at a cost of Rs 1,100 crore, will be developed by SJVN Green Energy on a build-own-and-operate basis in the Gujarat State Electricity Corporation Ltd (GSECL) Solar Park at Khavda, Gujarat. The project is anticipated to generate approximately 504 million units in the first year and a cumulative energy generation of about 11,732 million units over 25 years, according to SJVN chairman and managing director Geeta Kapur.
The 200 MW solar project, awarded to SJVN Green Energy Ltd (SGEL), is expected to be commissioned within 18 months from the date of signing the power purchase agreement. The agreement, set to last for 25 years, will be signed between SGEL and Gujarat Urja Vikas Nigam Ltd (GUVNL). As of 9:30 am, SJVN Ltd was trading at Rs 122.65 on the National Stock Exchange, marking a 1.4% increase from the previous close. Despite a rise of over 86% in the past six months, SJVN’s shares have experienced an 18% decline in the last month.
In the quarter ending December, SJVN Ltd reported a net profit of Rs 135.34 crores, down from Rs 441.35 crores in the September quarter, while net sales decreased from Rs 870.74 crores in September to Rs 536.55 crores in December.
