The SJVN share price rallied 5 percent to a 52-week high of Rs 68 in early trade on September 11 after the company's green energy arm signed a power purchase agreement with Bhakra Beas Management Board to develop an 18 MW solar power project.
SJVN Green Energy will develop the project on the land parcels of BBMB in Himachal Pradesh and Punjab. It is scheduled to be commissioned by August 2024.
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The project has been secured through open competitive bidding at a tariff of Rs 2.63 in the e-reverse auction organized by Punjab Energy Development Agency, the company said.
The project will generate 39.42 million units of energy in the first year of operation and the cumulative energy generation over a period of 25 years would be about 917 million units, it added.
SJVN plans to install over 10,000 MW renewable energy capacity in three years while progressing towards its shared vision of becoming a company of 25000 MW by 2030 and 50000 MW by 2040, company added.
India Ratings & Research has affirmed the AA+ rating with a 'stable' outlook on unsecured, rated, listed, redeemable non-convertible debentures issued by the company.
In August, the company's wholly owned subsidiary SJVN Green Energy (SGEL) received the letter of awards from Assam Power Development Corporation Limited (APDCL) for three solar power projects of cumulative capacity 320 MW.
These three solar power projects will be developed on build-own-and-operate (BOO) basis and are expected to generate cumulative 628 MUs in the first year and the cumulative energy generation over a period of 25 years would be about 14,591 MUs.
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