SJVN signs power purchase agreement with BBMB to develop 18 MW solar project

Shares of SJVN Ltd are in the spotlight today following the company's signing of a power purchase agreement (PPA) with Bhakra Beas Management Board (BBMB) through its wholly owned subsidiary SJVN Green Energy Limited (SGEL). India Ratings & Research has also confirmed the ratings on the company's Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures. It has been confirmed that the grade is AA plus with a stable ‘outlook.’

 

SGEL will create 18 MW of solar energy for BBMB. By August 2024, the project should be put into operation.

 

It will produce 39.42 million units (MU) of energy in its first year of operation, and over the course of 25 years, it will produce about 917 MU total. The BBMB's land parcels in Punjab and Himachal Pradesh will be used for the development of this project.

 

Through open, competitive bidding at a rate of Rs. 2.63 in the electronic reverse auction held by the Punjab Energy Development Agency, SJVN Green Energy has won the project. A 25-year Power Purchase Agreement for the power generated by the project has been made with BBMB. Upon project completion, 44,923 tonnes less carbon dioxide will be emitted.

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