The company bagged the full quoted capacity of 200 MW at Rs 2.88 per unit on build own and operate basis under open competitive tariff bidding by GUVNL. This solar project shall be developed by the company in Khavda Solar Park, Gujarat. The tentative cost for development of this project shall be approximately Rs 1,200 crore.

The project is expected to generate 505 million units in the first year of commissioning and cumulative energy generation over a period of 25 years would be around 11,756 million units. Further, commissioning of the project is expected to reduce 5,76,067 tonnes of carbon emission.

“With the allotment of this project, our solar & wind portfolio stand at 17,620 MW out of which 179.5 MW is under operation and rest is under various stages of implementation. The company is on a rapid expansion and capacity addition journey, and with allocation of this solar project, the project portfolio of the company is now 47,079 MW,” SJVN said in a statement.

SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission & power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

The power generation company's consolidated net profit rose 22.1% to Rs 287.42 crore in Q3 FY23 from Rs 235.46 crore recorded in Q3 FY22. Revenue from operations rose marginally to Rs 551.99 crore in the quarter ended 31 December 2022 as against Rs 549.14 crore reported in Q3 FY22.

The scrip rose 0.84% to currently trade at Rs 38.48 on the BSE.