The share price of state-owned company Satluj Jal Vidyut Nigam (SJVN) gained momentum and rose over 9% as it got a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW solar power project.

At 10.55 am, the company’s shares were trading at Rs 150.30, 2.08% higher than its previous close on the National Stock Exchange (NSE).

The company’s subsidiary SJVN Green Energy Ltd. (SGEL) works for power generation from renewable energies in India and is assigned to develop this project. Earlier in December 2023, this subsidiary bagged the initial 100 MW Solar Project through bidding. 

As per the filing on the Exchange, the tentative cost of the project is Rs 1,100 crores. The project is expected to generate 508.4 million units in the first year. Moreover, over 25 years, the cumulative energy generation of this project will be 11,836.28 million units. 

Interestingly, the commissioning of this project is expected to reduce carbon emissions by 5,79,976 tonnes, thus contributing to the Government of India’s mission to reduce carbon emissions.

Further, the company bagged a 100 MW energy project under the greenshoe shoe option at a tariff of Rs 2.63 per unit on a Build-on and Operate basis in e-RA, conducted by Gujarat Urja Vikas Nigam Limited (GUVNL).