Shares of hydroelectric power producer SJVN Ltd. surged more than 10 percent to hit another all-time high on Monday. With this, it has extended its gains for the year 2023 to over 100 percent.

Share Market Live

NSE

This is the first instance that the stock has gained more than 100 percent in a calendar year since it listed in 2011. On Friday, PFC became the other stock that had gained more than 100 percent in a year for the first time after going public.

The previous best year for SJVN was 2015, when the stock had gained 29 percent through the year.

On Friday, SJVN announced that it had bagged an 18 MW solar project from the Bhakra Beas Management Board.

The project will be developed on the land parcels of BBMB in Himachal Pradesh and Punjab and is scheduled to be commissioned by August 2024. Once commissioned, the project will generate 39.42 million units of energy in the first year of operation and the cumulative energy generation over a period of 25 years would be 917 million units.

Power Purchase Agreement has been signed with BBMB for a period of 25 years. The project is likely to reduce 44,923 tonnes of carbon emission.

SJVN Green Energy bagged the project through open competitive bidding at a tariff of Rs 2.62 per unit in an auction by Punjab Energy Development Agency.

Additionally, SJVN announced that India Ratings and Research has assigned a stable outlook to the company while rating its debt and security facilities at AA+.

Last month, SJVN Green Energy Ltd. won three solar power projects with a total capacity of 320 megawatts (MW) from the Assam Power Development Corp. Ltd.

The hydroelectric company looks to expand its renewable footprint with plans to set up more than 10,000 MW green energy capacity in three years. It aims to have 25,000 MW capacity by 2030 and 50,000 MW by 2040.

Shares of SJVN are trading 13 percent higher at Rs 72.05.

First Published:Sept 11, 2023 11:21 AM IST