Share prices of SJVN reached almost a 4% high from the previous close, just days after the company announced a Rs 1000 Crore 200MW solar energy project from the Maharashtra State Electricity Distribution Company (MSEDCL).
Shares were trading just 0.48% at Rs 31.10 as of 2:20 pm today. Shares surged to Rs 32 during the opening hours of the day. The stock touched a 52-week low of Rs 25.45 on May 26, 2022, and a 52-week high of Rs 42.35 on December 05, 2022. The shareholders have enjoyed a 14% growth in the past 5 years.
Satluj Jal Vidyut Nigam (SJVN) is a state-owned Indian company primarily dealing in power trading and electricity generation and distribution through several renewable sources, including hydro power, wind power, and solar power. There was an increase of 22.4% in the company’s profit after tax for the quarter ending December 2022 from the previous quarter.
The company has announced that its subsidiary SJVN Green Energy has been awarded a 200 MW solar power project in Maharashtra by the Maharashtra State Electricity Distribution Company (MSEDCL). The project is expected to be constructed within 18 months, and the tentative construction cost is estimated to be around Rs 1,000 crore.
The project is estimated to generate 455.52 million units of electricity in the first year, with a cumulative energy generation of 10,480.82 million units over 25 years. The commissioning of this solar power project is expected to reduce 5,13,560 tonnes of carbon emissions, indicating a step towards a cleaner and greener future.
In addition, SJVN recently signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to form a joint venture (JV) focused on the development of renewable energy projects, including solar, wind, hydro, and hybrid power projects.
The company has set a target of accomplishing a total capacity of 5 GW from renewable energy sources by 2023. In comparison, the state has set its eyes on achieving 17.5 GW by 2025, which is expected to increase further. This project aligns with the Indian government’s goal of achieving 500 GW of renewable capacity by 2030.