SJVN Bags Rs 550 Crore Solar Project In Gujarat

The state-run SVJN Ltd. has secured a 100-megawatt solar power project in Gujarat.

The ground-mounted solar project will be developed by the company's wholly owned subsidiary, SJVN Green Energy Ltd., at a tentative cost of Rs 550 crore, according to an exchange filing on Tuesday.

The Gujarat Urja Vikas Nigam Ltd. had conducted a tariff-based competitive bidding process in which SJVN bagged the 100-MW capacity project at Rs 2.63 per unit on a 'build, own and operate' basis.

The project may be developed anywhere in India and is expected to be commissioned within 18 months from the date of signing of the power purchase agreement, which will be valid for a 25-year period.

The solar project is expected to generate about 252 million units in its first year of commissioning, and the cumulative energy generation over a period of 25 years would be about 5,866 million units, SJVN said.

With the addition of this project, the Himachal Pradesh-based power producer's solar and wind portfolio stands at 5,090.5 MW, including 179.5 MW of operational capacity, 1,860 MW under construction, and 3,051 MW under various stages of implementation.

Shares of SJVN closed 2.21% higher at Rs 91.57 apiece on Tuesday ahead of the announcement, as compared with a 0.32% advance on the benchmark BSE Sensex. The scrip has doubled since July on the back of new contract wins.