LIC-Backed Power Generation Company Bags 90 MW Omkareshwar Floating Solar Project
The stock gave multibagger returns of 155 per cent in just 1 year while the BSE Sensex Index is up by 21 per cent.
SJVN Limited has successfully commissioned a 90 MW floating solar project at the Omkareshwar Floating Solar Park in Khandwa district, Madhya Pradesh. This achievement was realized through its wholly owned subsidiary, SJVN Green Energy Limited. With this addition, the company's total installed capacity has grown to 2,466.50 MW. Notably, this project marks SJVN's entry into the floating solar power segment, positioning it as one of the largest such projects in Central and North India.
The 90 MW Omkareshwar Floating Solar Project represents a significant investment of Rs 646.20 crores. It is projected to generate 196.5 million units of electricity in its initial year of operation and a cumulative 4,629.3 million units over 25 years. This venture is expected to contribute an additional Rs 64 crores to the company's revenue. SJVN currently boasts a substantial project portfolio of 56,802.40 MW, with a diverse focus on hydro, pumped storage, thermal, and renewable energy sectors.
Additionally, the Board of Directors will discuss a proposal to fundraise through the Securitization of Assets and divestment of a stake in its wholly-owned subsidiary, SJVN Green Energy Limited, at its meeting on Tuesday, August 13, 2024.
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The company is on rapid progression to achieve its shared vision of 25,000 MW by 2030 & 50,000 MW by 2040. This shared vision has been formulated in sync with the commitment of the Government of India to generate 50 per cent of energy from non-fossil fuel-based energy resources by 2030.
SJVN, formerly known as Satluj Jal Vidyut Nigam Ltd, is an Indian public sector undertaking involved in hydroelectric power generation and transmission. It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh. The company has a market cap of over Rs 60,000 crore and has been maintaining a healthy dividend payout of 65.4 per cent. The company reported positive numbers in its Quarterly Results (Q4FY24) and annual results (FY24) for the year ended March 31, 2023.
As of June 2024, the Life Insurance Corporation of India (LIC) owns 2.26 per cent while FIIs & DIIs increased their stake in June 2024 compared to March 2024. The stock gave multibagger returns of 155 per cent in just 1 year while the BSE Sensex Index is up by 21 per cent. Investors should keep an eye on this power stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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