The company secured the project through e-Reverse auction conducted by GUVNL.

SJVN said that it bagged the quoted capacity of 100 MW solar project @ Rs 2.63/unit on build own and operate basis through a tariff based competitive bidding process of GUVNL. This project shall be developed by company’s wholly owned subsidiary, SJVN Green Energy (SGEL) at a tentative cost of Rs 550 crore.

The project shall be developed anywhere in India and is expected to be commissioned within 18 Months from the date of signing of the power purchase agreement (PPA). The PPA shall be signed between SGEL & GUVNL for 25 years, it added.

The project is expected to generate about 252 million units in its first year of commissioning and the cumulative energy generation over a period of 25 years would be about 5,866 million units. Further, the commissioning of this solar project is anticipated to reduce 2,87,434 tonnes of carbon emissions, the firm stated in the press release.

With the addition of this project, SJVN’s solar & wind portfolio stood at 5,090.5 MW out of which 179.5 MW is under operation, 1,860 MW is under construction and 3,051 MW is under various stages of implementation. The company is marching forward to achieve its mission of 12,000 MW by 2026 and shared vision of 25,000 MW by 2030 & 50,000 MW installed capacity by 2040.

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 company's consolidated net profit declined 1.3% to Rs 439.64 crore in Q2 FY24 as against Rs 445.44 crore in Q2 FY23. Net sales fell marginally to Rs 878.36 crore in Q2 FY24 from Rs 878.48 crore reported in the same period a year ago.

Shares of SJVN advanced 2.21% to settle at Rs 91.57 on the BSE.