SJVN is among the top five gainers on the BSE since the opening bell today; the stock, which had closed yesterday at Rs.64, opened today at Rs.66.85 and went on to hit a new 52-week high at Rs.70.95.
The stock price rose on the back of its announcement that through its wholly owned subsidiary SJVN Green Energy Limited (SGEL), it has inked a power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB).
SGEL will develop 18 MW Solar Power for BBMB. The project is scheduled to be commissioned by August 2024. It will generate 39.42 million units (MU) of energy in its first year of operation, with a cumulative energy generation of around 917 MU over a period of 25 years. This project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab.
SJVN Green Energy had secured the project through open competitive bidding at a tariff of Rs 2.63 in the e-reverse auction organised by Punjab Energy Development Agency. Power Purchase Agreement for the power produced from the project has been signed with BBMB for 25 years. Commissioning of this project is expected to reduce 44,923 tonnes of carbon emission.
Additionally, India Ratings & Research has affirmed the ratings on Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures issued by the company. The rating has been affirmed as AA plus with stable 'outlook'.
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 25,000 MW by 2030 and 50000 MW by 2040.