In an exchange filing made after market hours yesterday, the public sector undertaking said that it has signed an MoU with the Maharashtra State Power Generation Company (MAHAGENCO) for the development of 5,000 MW renewable energy projects in the state of Maharashtra.

The MoU has been signed to explore the feasibility of setting up various renewable projects in Maharashtra, which includes hydro, pumped storage, wind, solar, hybrid and green hydrogen projects.

Further, the company & MAHAGENCO will jointly participate in tenders floated by Government of Maharashtra for renovation and modernization of small hydro power stations which are operated and maintained by MAHAGENCO.

“With signing of this MoU, the company now has a project portfolio of 54,065 MW, with 2,091.5 MW under operation, while rest is in various stages of development and is marching ahead to achieve the shared vision of 5,000 MW by 2023-24, 25,000 MW by 2030 & 50,000 MW capacity by 2040,” 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 surged 129.77% to Rs 17.21 crore on 55.93% jump in revenue from operations to Rs 503.77crore in Q4 FY23 over Q4 FY22.