SVJN Ltd gains 11% after winning a Rs 7,000-crore solar power deal.
SVJN Ltd gains 11% after winning a Rs 7,000-crore solar power deal.
Punjab State electricity Corporation Ltd has awarded SJVN Ltd a contract for the development and purchase of 1,200 MW of solar electricity.
SJVN Ltd stock rose more than 11% to Rs 56.10 at 10.13 a.m. on July 24 after the business signed a Rs 7,000-crore deal with Punjab State Power Corporation Ltd (PSPCL) for the development and procurement of 1,200 MW solar power.
SJVN Green Energy, a wholly owned subsidiary of SJVN, has been awarded a Rs 7,000 crore contract from Punjab State Power Corporation to develop and manufacture 1,200 MW of solar energy.
SGEL plans to build 1,000 MW of solar infrastructure across India, with a 200 MW facility in Punjab. PSPCL has issued SJVN a Letter of Intent to purchase 1200 MW of solar power.
The project is scheduled to be completed within 18 months of signing the power purchase agreement (PPA) and operating by December 2024.
According to the firm, the commissioning of this project is estimated to reduce 34.2 lakh tonnes of carbon emissions, contributing to the Government of India’s aim of lowering carbon emissions.
