SJVN gains nearly 5% after its renewable arm receives LoI for 200 MW solar project in Gujarat [Video]

Shares of state-owned SJVN Ltd surged nearly 5% in morning trade on Monday, March 18, after the company’s renewable arm SJVN Green Energy received the Letter of Intent (LOI) for a 200 MW solar project in Gujarat.

The estimated construction and development cost of this project stands at ₹1,100 crore. The project is set to be implemented within the Gujarat State Electricity Corporation Limited (GSECL) Solar Park located in Khavda, the company said in a stock exchange filing.

The public sector power distributor informed the bourses that SJVN Green Energy received the Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Limited (GUVNL) for the solar project in GUVNL Phase–XXIII.

The company secured the 200 MW solar project via tariff-based competitive bidding at a rate of ₹2.66 per unit, under the build own and operate (BOO) model. GUVNL held the reverse auction (e-RA) for this project on March 2.

Reacting …