Shares of SJVN shot up by almost 5% on 18 March after the company’s subsidiary announced securing a 200-megawatt solar power project from Gujarat Urja Vikas Nigam Limited (GUVNL).

In its regulatory filing, the company said that its subsidiary SJVN Green Energy Limited had received a Letter of Intent (LoI) from Gujarat Urja Vikas Nigam Limited for a 200-megawatt solar power project in the GUVNL Phase–XXIII.

According to Geeta Kapur, Chairman & Managing Director of SJVN, the estimated cost of construction and development of this project is around Rs 1,100 crore and has to be developed at Gujarat State Electricity Corporation Limited, Solar Park at Khavda.

The filing added, “ The Power Purchase Agreement shall be executed with GUVNL after adoption of tariff by GERC. The project shall be commissioned in a period of 18 months from the date of signing of PPA.”

After commissioning, the project is expected to generate 508.4 million units during the first year and the project’s cumulative energy generation over 11,698.16 million units over a period of 25 years.

The company is significantly moving towards its Shared Vision of 25,000 megawatts by 2030 and 50,000 megawatts by 2040.

At 3:30 pm, the shares of SJVN shed all its early gains and closed 1.00% lower at Rs 123.35 on NSE.