SJVN stock rises 3.5% after firm inks two MoUs with Government of Maharashtra

The stock has surged over 44 percent year to date.

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SJVN shares climbed as much as 3.5 percent through the day so far on September 27 after the company inked two memorandum of understandings with the Government of Maharashtra  for development of Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs) in the state.

At 12.15 pm, shares of SJVN were trading at Rs 130 on the NSE. The stock has surged over 44 percent year to date.

The first MoU was signed between SJVN and Department of Water Resources, Government of Maharashtra, for development of five pumped storage projects of total capacity of 8,100 MW.

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This project will include five major developments: 800 MW at Kolmondapada, 1,500 MW at Sidgarh, 2,000 MW at Chornai, 1,800 MW at Baitarni, and 2,000 MW at Jalvara. Under the signed MoU, SJVN will carry out surveys, investigations, and the preparation of detailed project reports (DPRs) to establish these projects in Maharashtra in a timely manner, aligned with the policies and schemes of the Central and State Governments. The PSPs are expected to play a vital role in energy storage, grid stabilisation, and addressing peak electricity demand, ensuring a steady supply of clean energy to Maharashtra.

On the other hand, the second MoU was inked between SJVN and the Maharashtra State Power Generation Company (MAHAGENCO) for the development of 505 MW floating solar project at Lower Wardha Dam in Maharashtra.

The 505 MW Floating Solar Project will be developed in two phases: the first one will cover 100 MW, while the second phase will account for 405 MW. This phased approach will optimise the use of existing power evacuation infrastructure and ensure a sustainable and reliable energy supply for the region.

The total estimated investment for these projects is around Rs 48,000 crore, and the projects are expected to generate approximately 8,400 direct and indirect employment opportunities.

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