Shares of SJVN were trading in the green and 4% higher on 27 December after the company announced securing a 100-megawatt solar power project from Gujarat Urja Vikas Nigam Limited.

In its regulatory filing, the company said that it has secured a 100-megawatt solar power project from Gujarat Urja Vikas Nigam for Rs 2.63 per unit on a build, own, and operate basis. The project will be ground-mounted and will be developed by its wholly-owned subsidiary for a total cost of Rs 550 crore.

The project is expected to generate 252 million units in the first year of its commissioning, and the cumulative generation of 25 years will be approximately 5,866 million units. The solar project will also reduce 2,87,434 tonnes of carbon emissions.

The company added, “With the addition of this project, the company’s solar & wind portfolio stands at 5,090.5 MW, out of which 179.5 MW is under operation, 1,860 MW is under construction, and 3,051 MW is under various stages of implementation. The company is marching forward with vigour to achieve its mission of 12,000 MW by 2026 and its shared vision of 25,000 MW by 2030 & 50,000 MW installed capacity by 2040.”

As of 30 September, the Indian government holds a majority stake of 59.92% of the company, whereas the Government of Himachal Pradesh holds a 26.85% stake, and the public holds the remaining stake of 13.23%.

At 1:14 pm, the shares of SJVN were trading 1.37% higher at Rs 92.80 on NSE.