Shares of SJVN Ltd. rallied 6% to reach a day’s high of Rs 134.65 on 27th September, after the company announced it had signed two agreements with the Maharashtra government.

SJVN signed Memorandums of Understanding (MoUs) with the Maharashtra government to develop pumped storage projects (PSPs) and floating solar projects (FSPs) in the state.

The total estimated investment for these projects is around Rs 48,000 crore, which is expected to create nearly 8,400 direct and indirect jobs while also supporting eco-tourism and skill development initiatives in Maharashtra.

The MoUs were signed yesterday in Mumbai, attended by Maharashtra’s Deputy Chief Minister and Energy Minister, Devendra Fadnavis.

One MoU was signed between SJVN and Maharashtra’s Department of Water Resources to develop five pumped storage projects (PSPs) with a total capacity of 8,100 MW, including the following:

• 800 MW Kolmondapada
• 1,500 MW Sidgarh
• 2,000 MW Chornai
• 1,800 MW Baitarni
• 2,000 MW Jalvara

This MoU will enable SJVN to conduct surveys, prepare detailed project reports (DPR), and establish the projects in Maharashtra in a timely manner, following the relevant rules and policies of the central and state governments.

The other MoU was signed between SJVN and Maharashtra State Power Generation Company (MAHAGENCO) to develop a floating solar project with a total capacity of 505 MW at Lower Wardha Dam in Maharashtra.

This solar project will be developed in two phases: the first phase will have a capacity of 100 MW, and the second phase will be 405 MW.

Through this phased development, the firm aims to optimise the use of existing power evacuation infrastructure while providing a sustainable and reliable energy source for the region.

The stock has surged by nearly 42% year-to-date. The firm’s market capitalisation stands around Rs 52,678 crore.

At 3:05 PM, the shares of SJVN were trading 6.36% higher at Rs 134 on NSE.

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