In a regulatory filing, SJVN said that it bagged 100 MW solar project at the rate of Rs 2.54/unit on build own and operate basis through a tariff based competitive bidding process of GUVNL Phase XXI.

This ground mounted solar project shall be developed by the company through its wholly owned subsidiary, SJVN Green Energy (SGEL) at a tentative cost of Rs 550 crore.

The project shall be executed by SGEL in Solar Park being developed by Gujarat Industrial Power Corporation in Khavda, Gujarat through EPC contract. The power purchase agreement shall be executed after issuance of letter of award from GUVNL, 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 2,87,463 tonnes of carbon emissions, the firm stated in the press release.

With this addition, the company’s project portfolio stands at 59,872 MW. The company is marching forward to achieve its new 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 rallied 3.13% to settle at Rs 116.65 on the BSE.