SJVN’s Subsidiary Receives LOA For 320 MW Solar Power Projects In Assam, Stock Rallies

SJVN Ltd. shares on Tuesday rallied 4%, hit new 52-week high after its subsidiary SJVN Green Energy Limited (SGEL) received a Letter of Award (LOA) from Assam Power Development Corporation Limited (APDCL) for three Solar Power Projects of cumulative capacity 320 MW.

SGEL had participated in three separate tariff based competitive bidding tenders of APDCL i.e. 50 MW, 70 MW and 200 MW, the company said.

It added, The 50 MW and 70 MW projects are under solar park category and have been allotted at a tariff of INR 3.92/Unit and the 200 MW is to be developed anywhere in Assam and has been allotted at a tariff of INR 3.90/Unit.

According to the regulatory filing by SJVN, These three Solar power projects shall be developed on Build Own and Operate (BOO) basis. The projects are expected to generate cumulative 628 MUs in the 1st year and the cumulative energy generation over a period of 25 years would be about 14591 MUs. As per RfS the Projects shall be commissioned in a period of 18 Months from the date of signing of PPA and expected to be commissioned by March 2025. The PPA shall be signed between APDCL and SGEL for 25 years. Tentative cost of Construction / Development of these 320 MW projects is around INR 1900 Crores.

The commissioning of these Projects is expected to reduce 7.14 Lakhs Tonnes of carbon emission and would contribute in Government of India's mission of reduction in carbon emission.

SJVN shares on BSE rallies 4% after the announcement, currently trading at Rs 63.10 per share, up 3.78%.

The stock stock gained 6.76% in 1 week, while 12.88% in 1 month. It jumped 110% in 1 year, 142.31% in 2 years, and 154.03% in 3 years, respectively. It gained 118.75% in 5 years.

Its 52-week high is Rs 63.80 as on Aug 29, 2023, and its 52-week low is Rs 28.20 as on Aug 29, 2022.

SJVN Limited, a Mini Ratna, Category-I and Schedule -'A' CPSE under administrative control of Ministry of Power, Govt. of India, was incorporated on May 24, 1988 as a joint venture of the Government of India (GOI) and the Government of Himachal Pradesh (GOHP). SJVN is now a listed Company having shareholders pattern of 59.92 % with Govt. of India, 26.85% with Govt. of Himachal Pradesh and rest of 13.23 % with Public, according to Info from company's website.