SJVN shares rise 5%, hit 52-week high as subsidiary wins solar power deal in Assam
SJVN shares rose 5% and hit a 52-week high at Rs 63.8 in Tuesday's trade on BSE after the firm's wholly owned subsidiary received the letter of award from Assam Power Development Corporation Limited (APDCL).
«SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of the company, has received a Letter of Awards from Assam Power Development Corporation Limited (APDCL) for three solar power projects of cumulative capacity 320 MW,» the company said in an exchange filing.
SGEL had participated in three separate tariff-based competitive bidding tenders of APDCL i.e. 50 MW, 70 MW and 200 MW.
The 50 MW and 70 MW projects are under the solar park category and have been allotted at a tariff of Rs 3.92/Unit.
While the 200 MW project is to be developed anywhere in Assam and has been allotted at a tariff of Rs 3.90/Unit, SJVN said.
These three solar power projects shall be developed on Build Own and Operate (BOO) basis.
The projects are expected to generate a cumulative 628 MUs in the 1st year and the cumulative energy generation over a period of 25 years would be about 14591 MUs.
The projects shall be commissioned in a period of 18 months from the date of signing of Power Purchase Agreements (PPA) and are expected to be commissioned by March 2025.
The tentative cost of construction/development of these 320 MW projects is around Rs 1900 Crores.
At 10.45 a.m., the stock was trading 3.2% higher at Rs 62.7 on BSE. On a year-to-date basis, the stock has surged 80%, while it has rallied over 110% in the last one year.
As per Trendlyne data, the average target price of the stock is Rs 55, which shows a downside of 13% from the current market prices.
