Power Sector PSU Co. Signs MoU For Development Of 5000 MW Renewable Energy Projects

SJVN Ltd, a 'Mini Ratna' & Schedule 'A' PSU, has signed a Memorandum of Understanding (MoU) with Maharashtra State Power Generation Company (MAHAGENCO) for the development of 5,000 MW Renewable Energy Projects in the state of Maharashtra. The company in an exchange filing on June 14, 2023, informed about the development to the stock exchange.

MoU to develop 5,000 MW Renewable Energy Projects in Maharashtra

According to the regulatory filing by SJVN Ltd., "In compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform you that the Company has signed a Memorandum of Understanding ("MoU") with Maharashtra State Power Generation Company ("MAHAGENCO") for development of 5,000 MW Renewable Energy Projects in the state of Maharashtra. The MoU has been signed to explore the feasibility of setting up various renewable projects in Maharashtra, which includes Hydro, Pumped Storage, Wind, Solar, Hybrid and Green Hydrogen Projects. Further, the Company & MAHAGENCO will jointly participate in tenders floated by Government of Maharashtra for renovation and modernization of small Hydro Power stations which are operated and maintained by MAHAGENCO. With signing of this MoU, the Company now has a project portfolio of 54,065 MW, with 2,091.5 MW under operation, while rest is in various stages of development and is marching ahead to achieve the Shared Vision of 5,000 MW by 2023-24, 25,000 MW by 2030 & 50,000 MW capacity by 2040."

Stock Movement

Meanwhile, the stock of SJVN on Thursday closed 1.17% higher at Rs. 38.90 apiece. It jumped 4.99% in the past 1 week. While in the past 1 and 3 months, it jumped 7.16% and 24.08%, respectively. It gave 41.97% positive return in 1 year, 84.8% in 3 years and 29.24% in 5 years, respectively.

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