SJVN signs MoU to develop 5000 MW renewable energy projects in Maharashtra

SJVN Ltd stocks rally on Thursday after the announcement of signing MoU to develop 5,000 MW Renewable Energy Projects in Maharashtra.

As per the regulatory filing, 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”, the company said.

Further, SJVN & 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.

During afternoon trade, shares of SJVN were trading higher by 2.39% at Rs39.35 per share on the BSE.

Source: Media reports