SJVN Awarded LoI for 125MW Solar Projects in Uttar Pradesh

SJVN Ltd advanced 2.81% to Rs 31.05 after the company bagged 125 MW grid connected solar power project in UP Solar Park in Uttar Pradesh, according to recent media reports.

The company has been issued Letter of Intent (LoI) by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) for building 75 MW grid connected solar power project at Gurhah, in Jalaun District, and 50 MW grid-connected solar power project at Gujrai, in Kanpur Dehat District in the state of Uttar Pradesh through tariff-based competitive bidding.

SJVN has quoted tariff of Rs 2.98 per KWh for both these solar projects and power generated from these projects will be procured by UPNEDA for 25 years.

These projects will assist SJVN in achieving its ambitious shared vision of 5000 MW by 2023, 12,000 MW by 2030 and 25,000 MW by 2040 and simultaneously contribute towards RE capacity addition target of 175 GW by 2022 set by Government of India.

SJVN is a Mini Ratna, Category-I and Schedule ‘A’ CPSE under administrative control of Ministry of Power, Government of India. The company has a portfolio of more than 16,000 MW, out of which 2016.5 MW is under operation and the rest is under various stages of development.

The Government of India held 59.92% stake in the company while the Government of Himachal Pradesh held 26.85% stake as on 30 September 2021.

The company’s consolidated net profit declined 22.80% to Rs 404.72 crore on a 3.31% rise in sales to Rs 882.32 crore in Q2 FY22 over Q2 FY21.

State-owned SJVN announced on Monday that it has been given category ‘I’ licence for the inter-state trading of power in the entire country by the Central Electricity Regulatory Commission.

“The company has been granted a category ‘I’ licence for inter-state trading in electricity in the whole of India by the Central Electricity Regulatory Commission (CERC) vide its order dated January 10, 2022,” according to a BSE filing.

In its order issue on January 10, 2022, the CERC stated that “we direct that SJVNL be issued a category ‘I’ licence for inter-state trading in electricity in whole of India.”