SJVN Ltd shares gained more than 3% on Thursday after the company’s wholly-owned subsidiary received orders for a total of 1,352 MW solar power projects in Maharashtra.
In a filing to the stock exchanges, the company said that its wholly owned subsidiary, SJVN Green Energy Ltd (SGEL) has received a Letter of Award (LoAs) for solar power projects with a cumulative capacity of 1,352 MW. These projects will be executed at different locations in Maharashtra under the Mukhya Mantri Saur Krushi Vahini Yojana.
These locations include the districts of Nashik, Solapur, Ahmednagar and Pune in the state.
SJVN Green Energy won the contracts through competitive bidding for 1,500 MW capacity projects floated by MSEB Agro Power Ltd in Maharashtra for a total capacity of 7,000 MW, the company informed the bourses.
The total investment for the development of the 1,352 MW solar power projects is slated to be around ₹7,436 crore, which will be SGEL’s first contribution towards the PM-KUSUM scheme.
The 1,500 MW tender includes 1,500 MW of power in Round 1 and 1,000 MW of power in the second round or Round 2. The said scheme was launched under component C of the PM-KUSUM scheme for the implementation of feeder-level solarisation.
The aforestated projects will be eligible for not more than a central financial assistance of 30% of the project cost, stated SJVN in an exchange filing on March 7, 2024.
The state-owned company is rapidly working towards achieving its shared vision of 25,000 MW by 2030 and 50,000 MW by 2040, which has been formulated in sync with the Government of India’s commitment to generate 50% energy from non-fossil fuel-based energy resources by the year 2030.
Shares of SJVN Ltd closed 2.3% higher at ₹122.2 apiece on the BSE.
(Edited by : Ajay Vaishnav)
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