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Shares of SJVN Ltd. hit an all-time high on Monday after its unit signed a Rs 7,000 crore deal with the Punjab State Power Corp.
The company, through its wholly owned subsidiary SJVN Green Energy Ltd., received the letter of intent from Punjab State Power Corp. on Friday for the procurement of 1200 MW solar power.
Under the deal, SJVN Green Energy will develop a 1,000 MW project anywhere in the country, and balance 200 MW in Punjab on a build-own-operate basis, as per the Renewable Fuel Standards. The projects are expected to generate 2997 MUs in the first year, and the cumulative energy generation over a period of 25 years would be about 69,661 MUs.
The power purchase agreement will be signed for 25 years, Friday’s exchange filing said.
The company had also signed Power Purchase Agreements for 300 MW of renewable energy projects, according to an exchange filing on Thursday. The agreements were signed by the company’s wholly-owned subsidiary, SJVN Green Energy Ltd.
This deal includes a 200-MW solar project in Maharashtra and a 100-MW wind power capacity in Delhi. The development costs of the Maharashtra and Delhi projects are Rs 1,200 crore and Rs 750 crore, respectively, the filing read.
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