SJVN grabs 1 GW solar project contract
- ByStartupStory | September 25, 2021
Public sector hydropower major SJVN has grabbed a 1 GW grid-connected solar PV power project allotted by Indian Renewable Energy Development Agency Ltd (IREDA), its Chairman and Managing Director Nand Lal Sharma announced on Friday.
The company bagged the project through an open competitive bidding process at the maximum tariff of Rs 2.45 per unit.
SJVN bagged the full quoted capacity of 1GW at a Viability Gap Funding (VGF) support of Rs 44.72 lakh per MW by the government of India. The power generated from the above projects shall be solely for self-use or use by government/government entities, either directly or through DISCOMS.
The tentative cost of the project is Rs 5,500 crore. The project is expected to generate 2,365 million units in the first year and the project cumulative energy generation over 25 years would be about 55,062 million units.
SJVN participated in a VGF based competitive Bidding Process for a Solar Project of capacity 5000 MW floated by IREDA.
The company’s present installed capacity is 2016.51 MW and aims to be a 5000 MW company by 2023. As of 30 June, the Government held an 86.77% stake in the PSU company.
On a consolidated basis, the company posted a 13% rise in net profit to Rs 342.13 crore on a 1.7% decline in net sales to Rs 662.46 crore in Q1 FY22 over Q1 FY21.
SJVN Ltd plans to have a 25 GW capacity by 2040. The firm has an operational portfolio of 2 GW and is executing 27 projects in hydropower, thermal, solar and wind sectors in India, Bhutan, and Nepal.
SJVN Ltd has also pitched for more hydropower projects from Nepal as part of India’s playbook of helping build a South Asia-focused energy security architecture.
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