Rs 5,491 crore project win and FIIs & DIIs increase stake: This multibagger power generation company bags 600 MW solar power project!

Shares of the company grew by more than 250 per cent in the last one year.

SJVN Green Energy Limited (SGEL), a subsidiary of SJVN, signed agreements to supply 600 MW of solar power to Rajasthan Urja Vikas & IT Services Limited (RUVITL) for 25 years. This includes a 500 MW Power Usage Agreement (PUA) for power from the 1,000 MW Bikaner Solar Power Project and a 100 MW Power Purchase Agreement (PPA) from a separate Rajasthan Solar Power Project.

The Bikaner project, India's largest single-location solar project, will provide power at Rs. 2.57 per unit and is expected to be commissioned by September 2024. The 100 MW project, secured via competitive bidding, will provide power at Rs. 2.62 per unit. These projects combined are expected to generate over 62 billion units of clean energy in 25 years and reduce carbon emissions by over 30 million tonnes. The project is being developed at a cost of Rs. 5,491 crore.

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Recently, SJVN Green Energy Limited (SGEL), has won bids for 1,352 MW of solar power projects in Maharashtra. These projects will be located in Nashik, Solapur, Ahmednagar, and Pune districts. SGEL secured these projects through a competitive bidding process for a larger 7,000 MW tender floated by the state. The total investment for these solar plants is estimated at Rs 7,436 crores.

SJVN is engaged in the business of electricity generation. The company is also engaged in the business of providing consultancy for hydropower projects. The shares of the company have multibagger returns of more than 250 per cent in the last one year and FIIs and DIIs increased their stake in the company in December 2023 respectively.

The stock has shown tremendous growth and investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.