SJVN Shares Surge as Company Signs 300 MW Solar Power Pact with JKPCL

26 Feb 2024 , 03:18 PM

SJVN Ltd’s shares surged by 7% to reach a day’s high of ₹127.65 on NSE after the hydro power company signed a Power Usage Agreement (PUA) with Jammu & Kashmir Power Corporation Ltd (JKPCL) for 300 MW solar power capacity. 

The subsidiary, SJVN Green Energy Limited (SGEL), finalized the PUA with JKPCL in Jammu on 23.02.2024 for the 300 MW solar power capacity.

The 300 MW solar power will be sourced from the under-construction 1,000 MW Bikaner Solar project, developed under the CPSU Scheme of IREDA at a cost of ₹5,491 Crore. The project, under the Domestic Content Requirement (DCR) mode, is set for commissioning by July 2024.

The power generated from this project is designated for government use, either directly or through distribution companies (discom).

SJVN Ltd is aggressively working towards achieving its Shared Vision of 25,000 MW by 2030 and 50,000 MW by 2040. This vision aligns with the government’s commitment to generating 50% of energy from non-fossil fuel-based resources by 2030.

As of the latest update, the stock was trading 0.71% higher at ₹120.25 on NSE.

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