Rs 7,436 crore order win and FIIs & DIIs increase stake: This multibagger power generation stock won a bid for a 1,352 MW solar power project!

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

SJVN Limited's subsidiary, 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 and will be SGEL's first contribution to the PM-KUSUM scheme, which promotes solar power generation at the feeder level. These projects may be eligible for up to 30 per cent central financial assistance. This win aligns with SJVN's goal of reaching 25,000 MW of power generation by 2030 and 50,000 MW by 2040, supporting India's target of 50 per cent energy from non-fossil fuels by 2030.

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Recently, the company successfully bid for a 200 MW solar power project in Gujarat. This project, part of a larger 1,125 MW solar park, will be developed, owned, and operated by SGEL for 25 years at a cost of around Rs. 1,100 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 about 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.