SJVN shares rise on power purchase pact with BBMB for 18 MW solar project

SJVN Ltd’s shares were up over 13 per cent after the company, operating through its wholly-owned subsidiary SJVN Green Energy Ltd (SGEL), finalised a Power Purchase Agreement (PPA) with the Bhakra Beas Management Board (BBMB) for an 18 MW Solar Power project. It will be established on BBMB’s land parcels in Himachal Pradesh and Punjab, and is slated for commissioning by August 2024.

This project was secured through competitive bidding at a tariff of Rs 2.63 in an e-reverse auction organised by the Punjab Energy Development Agency. The initial year is projected to yield 39.42 million units of energy, with an estimated cumulative generation of approximately 917 million units over a 25-year span. The PPA with BBMB spans 25 years.

Upon commissioning, the project is anticipated to curtail carbon emissions by 44,923 tonnes. SJVN, a Central Public Sector Undertaking under the Ministry of Power, is working towards installing over 10,000 MW of renewable energy capacity within three years. This move aligns with their overarching goal of achieving 25,000 MW by 2030 and 50,000 MW by 2040.

The shares were up by 13.75 per cent at Rs 72.80 at 12.06 pm on the BSE.