SJVN arm bags 200 MW solar project from Maharashtra discom

Hydroelectric power generation company, Satluj Jal Vidyut Nigam (SJVN), on Saturday said that its wholly-owned subsidiary, SJVN Green Energy Limited (SGEL), has bagged a Letter of Award (LoA) for 200 MW solar power project from Maharashtra State Electricity Distribution Company Limited (MSEDCL)

In an exchange filing, SJVN said, “this is to inform you that the wholly owned subsidiary of the Company i.e., SJVN Green Energy Limited (“SGEL”) received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (“MSEDCL”) for 200 MW Solar Power Project to be developed anywhere in the State of Maharashtra.”

The provisional cost of construction / development of this project shall be around Rs 1,000 crore, the company revealed.

Furthermore, the project shall be constructed in a period of 18 months.

SJVN expects the project to generate 455.52 MUs in the first year and the cumulative energy generation over a period of 25 years to be approximately 10480.82 MU.

Once the project is commissioned, SJVN expects it to reduce 5,13,560 tonnes of carbon emission.

Last month, SJVN revealed its third quarter earnings. The company’s profit surged by over 22 percent to Rs 287.4 crore against Rs 235.5 crore in the same quarter last year. However, the earnings before interest, tax, depreciation, ammoratisation (EBITDA) declined by 0.7 percent to Rs 380.6 crore against Rs 383.4 crore in the same quarter last year.

In January, SJVN sold its entire stake in Bhutanese JV, Kholongchhu Hydro Energy, for Rs 354.7 crore.

Also during January, the Union Cabinet approved the investment of Rs 2,614 crore for SJVN’s 382 MW Sunni Dam hydro project.

Last year in December, SJVN announced that its wholly-owned subsidiary, SJVN Green Energy, along with Grid Corporation of Odisha (Gridco), will set up a joint venture (JV) to develop a 1,000 MW hydro-electric project and another 2,000 MW solar project at an investment of Rs 20,000 crore.