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SJVN Commissions India's Largest Floating Solar Park in Madhya Pradesh

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Synopsis:

SJVN's 90 MW Omkareshwar Floating Solar Project in Madhya Pradesh, developed at ₹646.20 crore, will generate 196.5 million units annually It will also reduce 2.3 lakh tons of carbon emissions. This project marks SJVN's entry into floating solar power.

SJVN Share Update

SJVN Limited, a Mini Ratna Schedule ‘A’ CPSU under the Ministry of Power, Government of India, has successfully commissioned its 90 MW Omkareshwar Floating Solar Project in Madhya Pradesh. Executed by SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN, this project is a significant milestone in India's renewable energy sector.

Largest Floating Solar Park in India

The Omkareshwar Floating Solar Project is located in the Omkareshwar Floating Solar Park, situated in the Khandwa district of Madhya Pradesh. This park is the largest floating solar installation in India and one of the largest in Central and Northern India.

Project Details and Impact

The project was developed at a cost of ₹646.20 crore and is expected to generate 196.5 million units of energy in its first year. Over its 25-year lifespan, the project is estimated to produce a cumulative 4629.3 million units of energy. This significant energy output will increase SJVN’s revenue by ₹64 crore annually.

In addition to its economic benefits, the project is set to reduce carbon emissions by 2.3 lakh tons, aligning with the Government of India's mission to achieve net-zero carbon emissions by 2070. Moreover, the floating solar panels will aid in water conservation by reducing evaporation, providing an added environmental benefit.

Competitive Bidding and Tariff

The Omkareshwar Floating Solar Project was secured at a competitive tariff of ₹3.26 per unit through a bidding process conducted by REWA Ultra Mega Solar Limited (RUMSL). The project will operate on a Build, Own, and Operate (BOO) basis, with a Power Purchase Agreement (PPA) signed between SGEL, RUMSL, and MPPMCL for 25 years.

SJVN's Growing Portfolio

With this addition, SJVN's total installed capacity has increased to 2466.50 MW, contributing to its overall project portfolio of 56802.40 MW. The company is actively involved in various sectors, including hydro, pumped storage, thermal, and renewable energy, furthering its commitment to India’s energy needs.

Market Response and SJVN Stock Performance

Before the announcement, SJVN's share price closed at ₹139.29 on the NSE, down by ₹1.30 (0.92%). Over the past 12 months, the stock has delivered a return of 155.34%. As the news was announced after market hours, investors are keenly waiting to see how the SJVN share will respond.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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