Shares of SJVN Ltd soared 8% on 1 January after the company announced signing a Memorandum of Understanding (MoU) with the Bihar Government for a project worth Rs 5,663 crore.

SJVN will develop the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP) in compliance with the agreement. The project will have a levelized tariff of Rs 9.39 per kWh based on February 2024 price levels and a pumping energy rate of Rs 3 per kWh. Pumped Storage Projects in Bihar are expected to generate approximately Rs 10,000 crore in investment and 5,000 direct and indirect jobs.

In August 2022, the Ministry of Power appointed SJVN as the nodal agency for the development of Pumped Storage Projects (PSPs) in Bihar. The company was then given four projects: Panchgotia PSP (225 MW), Sinafdar PSP (345 MW), Hathidah Durgawati PSP (1,600 MW), and Telharkund PSP (400 MW).

Situated on the Durgawati River in Bihar’s Kaimur District, the proposed Hathidah Durgawati plant is expected to have an installed capacity of 1,000 MW (4×250 MW). Its annual peak energy generation will be 2,308.65 million units (MU), and its daily peak energy output will be 6.325 MU.

The order enhanced SJVN’s portfolio because the business is now constructing more than 12,000 MW of power storage facilities in a number of states, including Maharashtra, Karnataka, Mizoram, Himachal Pradesh, and now Bihar.

At 12:37 pm, the shares of SJVN were trading 6.76% higher at Rs 111.47 on NSE.

The future of investing is here!
Unicorn Signals leverages advanced AI technology to provide you with powerful market predictions and actionable stock scans. Download the app todayand 10x your trading & investing journey!