Shares of SJVN skyrocketed 18% on 14 March after the company’s renewable arm, SJVN Green Energy Limited, bagged a 500-megawatt solar power project.

In its regulatory filing, the company said that its subsidiary SJVN Green Energy Limited had bagged a 500-megawatt solar power project, which is 100 megawatts + 400-megawatt green shoe project through tariff-based competitive bidding at a tariff of Rs 2.54 per unit on Build Own and Operate basis.

The total tentative cost of construction and development of this project, which will be developed at GIPCL Solar Park at Khavda, is Rs 2,700 crore.

According to the filing, Gujarat Urja Vikas Nigam Limited will execute the power purchase agreement once the Gujarat Electricity Regulatory Commission adopts the tariff, and the project will be commissioned in 18 months.

Once commissioned, the company will be able to generate a total of 1,271.07 million units in the first year and a cumulative energy of 29,245.4 million units generated in a period of 25 years.

The filing added, “Commissioning of this project is expected to reduce 1.43 million tonnes of carbon emission and would contribute to the GoI mission of reduction in carbon emission. The company is on rapid progression to achieve its shared vision of 25,000 MW by 2030 & 50000 MW by 2040.”

At 2:48 pm, the shares of SJVN were trading 17.09% higher at Rs 118.50 on NSE.