SJVN to invest Rs 6,000 crore in Assam to develop floating solar power projects

Government-run hydroelectric power generation company SJVN will invest Rs 6,000 crore in Assam to develop 1,000 MW floating solar power projects.

SJVN’s wholly-owned subsidiary SJVN Green Energy and Assam Power Distribution Company have signed an MoU for developing the projects in Assam by incorporating a joint venture company.

The project will generate 2,192 million units in the first year after commissioning. Around 50,425 million units of cumulative energy will be generated over 25 years.

The company has aligned its shared vision of 5,000 MW by 2023, 25,000 MW by 2030, and 50,000 MW capacity by 2040 with that of the Government of India’s target of achieving 50 percent energy from non-fossil fuel sources by 2030, according to the release.

SJVN Shares traded at Rs 32.55, up 0.93 percent, at 10.24 am on the BSE.

Earlier in June this year, the Assam government had stated that it was willing to set up a joint venture with SJVN for the development of renewable energy projects in the state.

SJVN's Director of Finance Akhileshwar Singh along with the company’s Chief General Manager Rajesh Gupta had met Assam Chief Minister Himanta Biswa Sarma in Guwahati.

“During the meeting, the development of ground-mounted (solar projects), floating solar, battery storage, and pilot hydrogen plants were deliberated. The CM also conveyed keen interest in equity participation in SJVN’s upcoming hydropower projects in Arunachal Pradesh. The CM also conveyed his interest in the formation of a JV with SJVN for the development of hydro and renewable energy projects,” the company said in a statement.

Recently, brokerage firm CLSA initiated coverage on SJVN with a price target of Rs 51. The firm expects the stock to double in value over the next four years.