SJVN surges on signing PPA with SECI for grid connected wind power project
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SJVN is currently trading at Rs. 77.35, up by 2.18 points or 2.90% from its previous closing of Rs. 75.17 on the BSE.
The scrip opened at Rs. 76.70 and has touched a high and low of Rs. 77.85 and Rs. 76.50 respectively. So far 323157 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 83.69 on 20-Sep-2023 and a 52 week low of Rs. 30.39 on 27-Mar-2023.
Last one week high and low of the scrip stood at Rs. 78.00 and Rs. 75.00 respectively. The current market cap of the company is Rs. 30141.53 crore.
The promoters holding in the company stood at 81.85%, while Institutions and Non-Institutions held 6.64% and 11.51% respectively.
SJVN has signed a Power Purchase Agreement (PPA) for 200 MW Grid Connected Wind Power Project with Solar Energy Corporation of India (SECI). SJVN Green Energy (SGEL), a wholly owned subsidiary of the Company, had participated in the Tariff based competitive Bidding process conducted by SECI for Selection of Wind Power Developers for setting up 1,200 MW grid connected Wind Power Projects anywhere in India. SGEL bagged 200 MW at a tariff of Rs 3.24 per unit on Build Own and Operate (BOO) basis in Open Competitive Tariff bidding process.
The 200 MW Wind Project will be developed by SGEL anywhere in India through EPC contract. With the allotment of this project, the wind portfolio of the Company now stands at 497.6 MW. The tentative cost for development of this project is Rs 1,400 crore. The project is expected to generate 482 million units in the first year after commissioning and the projected cumulative energy generation over a period of 25 years is 12,050 million units. The Project will be commissioned by November 2025 i.e., within 24 Months from effective date of PPA signing.
This capacity addition will strengthen the footprints of the company in the renewable energy sector and will help in achieving the Government of India’s target of 50 percent installed capacity from non-fossil fuel sources by 2030. This will also help in achieving the company’s new Mission of 12,000 MW by 2026 and the ambitious Shared Vision of 50,000 MW installed capacity by 2040.
SJVN’s principal business activity is electricity generation. The company is also engaged in the business of providing consultancy.
