SJVN Shares Surge 6% Following MoU for 5,000 MW Renewable Energy Project

15 Jun 2023 , 12:28 PM

State-owned hydropower major SJVN witnessed a nearly 6% surge in its shares to Rs 41 following the announcement of an MoU with MAHAGENCO.

The MoU aims to develop 5,000 MW Renewable Energy Projects in Maharashtra. The projects will include various renewable sources such as hydro, pumped storage, wind, solar, hybrid, and green hydrogen projects.

SJVN and MAHAGENCO will jointly participate in tenders for the renovation and modernization of small hydropower stations in Maharashtra. With the signing of this MoU, SJVN’s project portfolio now stands at 54,065 MW.

Currently, 2,091.5 MW is already operational, while the remaining capacity is in various stages of development. SJVN aims to achieve a capacity of 5,000 MW by 2023-24, 25,000 MW by 2030, and 50,000 MW by 2040. At the time of writing, SJVN’s stock was trading 2.4% higher at Rs 39.35 on the BSE.

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