SJVN to infuse Rs 20,000 crore into hydro -; solar power project development in Odisha

2 Dec 2022 , 10:11 AM

SJVN Limited informed that its wholly-owned subsidiary SJVN Green Energy Limited has entered into a Memorandum of Understanding with Grid Corporation of Odisha for the development of 1000 MW Hydro Electric Projects and 2000 MW Solar Power Projects in Odisha. To carry on the projects the company will incorporate a Joint Venture company.

The company’s Shared Vision of 5,000 MW by 2023, 25,000 MW by 2030, and 50,000 MW capacity by 2040 is aligned with the Government of India’s target of 50% energy from non-fossil fuel sources by 2030. SJVN intends to play an important role in the nation’s clean energy transition as a strategic and dependable partner, stated the company in its media release.

The development of these projects will cost Rs20,000 crore and is expected to generate 4,207 million units (MUs) in the first year, with a total generation of around 96,797 MUs over a 25-year period. It will also reduce approximately 2,06,143 tonnes of carbon emissions in the first year and 47,43,053 over its entire life span.

At around 10.16 AM, SJVN was trading at Rs39.75 up by 1.15% from its previous closing of Rs39.30 on the BSE. The scrip opened at Rs39.90 and touched intraday high and low of Rs40.30 and Rs39.60 respectively.

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