SJVN Secures 200 MW Solar Power Deal with UPCL, Shares Soar

8 Nov 2023 , 11:53 AM

SJVN shares saw a positive early trade on November 8 after securing a Letter of Intent (LoI) for the sale of 200 MW of solar power. The Uttarakhand Power Corporation Limited (UPCL) plans to acquire this power at a tariff of Rs 2.57 per unit from SJVN’s 1,000 MW Bikaner Solar Project.

The project, under the CPSU Scheme, is being developed by SJVN Green Energy Limited, a wholly-owned subsidiary of SJVN, with funding support from the Government of India. The allocation of solar power will be based on a future power purchase agreement between SGEL and UPCL.

SJVN’s board is set to meet on November 9 to approve the financial results for the quarter ending September 30. In October, SGEL, the subsidiary of SJVN, signed an MoU with M/s Ocean Sun, Norway, for collaboration in Green & Clean Energy technologies.

Additionally, SGEL secured a Letter of Award (LOA) for a 100 MW solar power project from Rajasthan Urja Vikas Nigam (RUVNL) at a tariff of Rs 2.62 per unit. The project will follow a build, own, and operate (BOO) model.

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