SJVN advanced 2.30% to Rs 122.20 after the firm announced that its wholly owned subsidiary, SJVN Green Energy (SGEL) received letter of awards (LoAs) for cumulative 1,352 MW of solar power projects to be developed at various locations in Maharashtra.
SGEL has secured these projects through competitive bidding by participation for 1,500 MW (500 MW in Round 1 and 1,000 MW in Round 2) tender floated by MSEB Agro Power (MSAPL) in Maharashtra for total capacity of 7,000 MW, under the Mukhya Mantri Saur Krushi Vahini Yojana.The aforesaid scheme was launched for implementation of feeder level solarisation under component C of PM-KUSUM scheme.
The total investment for development of the 1,352 MW solar power projects will be about Rs 7,436 crore. These projects shall be eligible upto a maximum central financial assistance of 30% of the project cost.
The company stated that it is on rapid progression to achieve its shared vision of 25,000 MW by 2030 & 50,000 MW by 2040. This shared vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.
SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.
The companys consolidated net profit dropped 51.65% to Rs 138.97 crore on 1.57% decline in revenue from operations to Rs 543.31 crore in Q3 FY24 over Q3 FY23.
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