SJVN gains 2.5% after arm SJVN Green Energy bags 200 MW solar project

SJVN Ltd

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Shares of SJVN Ltd gained 2.5 percent on March 4 morning after the state-owned power producer said its arm, SJVN Green Energy Ltd (SGEL), bagged a 200 MW solar project in Gujarat.

SJVN Green Energy will develop the project on a build-own-and-operate basis at the tentative development cost of Rs 1,100 crore, a company said in a statement on March 3.

SJVN bagged the 200 MW capacity in the tariff-based competitive bidding for the development of solar projects in the 1,125 MW Gujarat State Electricity Corporation Ltd (GSECL) Solar Park at Khavda, Gujarat.

SJVN chairman and managing director Geeta Kapur said the project is expected to generate about 504 million units in the first year of commissioning and the cumulative energy generation over 25 years would be about 11,732 million units.

The project will be commissioned in 18 months from the date of signing of the power purchase agreement, which would be signed between GUVNL and SGEL for 25 years.

Also Read | SJVN Green Energy bags 200 MW solar project

At 9.30 am, SJVN was trading at Rs 122.65 on the National Stock Exchange, up 1.4 percent from the previous close. While shares of SJVN gained over 86 percent in six months, they have shed over 18 percent in a month.

In the quarter ended December, SJVN Ltd's net profit fell to Rs 135.34 crores from Rs 441.35 crores in the September quarter and the company's net sales declined to Rs 536.55 crores in December from Rs 870.74 crores in September.

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