SJVN Signs an MoU Worth Rs 50,000 cr with REC

As per the recent exchange filing, SJVN has disclosed the signing of a Memorandum of Understanding (MoU) with REC Ltd for financing their company’s project, as well as projects of their subsidiary and joint venture, with a substantial amount of Rs 50,000 Crore.

As per the company, REC will provide financial assistance to set up New Power Generating Stations based on conventional and renewable sources of energy. REC will also assist financially in setting up new technology projects like Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, and Manufacturing Units for Green Projects.

The MoU covers the construction of evacuation and transmission projects and includes strengthening/improvement of the existing transmission system.

The company is committed to achieving 25 GW of generation capacity by the end of the current decade, more than half of which is bound to come from renewable resources. With a total project portfolio of 54,327 MW, the Company is on rapid progression to achieve its Shared Vision of 5,000 MW by 2023 24, 25,000 MW by 2030, and 50,000 MW Company by 2040.

This shared vision has been formulated in sync with the commitment of the Government of India of generating 50% of energy from non-fossil fuel-based energy resources by 2030.

Furthermore, the company made an announcement regarding the signing of a Power Purchase Agreement (PPA) for 300 MW of Renewable Energy projects on Thursday. These PPAs were executed by SJVN Green Energy Ltd, which is a wholly-owned subsidiary company.

Read in Detail: SJVN signs Agreement to Supply 300 MW Energy

SJVN is actively involved in the electricity generation business, focusing on producing power from various sources. Additionally, the company extends its services to provide consultancy for hydro-power projects, offering expertise and guidance in the development and implementation of such projects.

Today, the stock of SJVN commenced trading at Rs 50.13, representing a flat opening from the previous day’s closing price of Rs 50.26. Eventually, it concluded the day at Rs 50.10 on the BSE. The stock’s 52-week highs and lows are Rs 50.71 and Rs 27.90, respectively. Currently, its market capitalization stands at Rs 19,688.27 Crore.

Over the past year, the stock has delivered an impressive return of 76%, while in the last three years, it has achieved a remarkable multi-bagger return of 123%.

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