In a significant development, shares of SJVN witnessed a surge of over 3 per cent in morning trade today. The boost came after the company announced the signing of an agreement with Maharashtra State Power Generation Company (MAHAGENCO) to collaborate on the development of 5,000 MW renewable energy projects in Maharashtra.
SJVN's stock quoted Rs 39.57, reflecting a 2.97 per cent increase from the previous close. Trading volumes also experienced a substantial rise, with 2,056,457 shares traded compared to the five-day average of 1,654,809, indicating a 24 per cent surge.
Under the MoU signed between SJVN and MAHAGENCO, both companies will explore the feasibility of establishing various renewable projects in Maharashtra. The projects encompass a wide range of renewable energy sources, including hydro, pumped storage, wind, solar, hybrid, and green hydrogen projects. This collaborative effort aims to promote sustainable energy generation and reduce dependence on fossil fuels.
Also, the agreement between SJVN and MAHAGENCO to develop 5,000 MW renewable energy projects in Maharashtra will bring several benefits to the state. It will lead to increased renewable energy generation, diversify the energy mix, and reduce reliance on fossil fuels. This will also create job opportunities, stimulate economic growth, and enhance energy security. Additionally, the development of renewable energy projects will have positive environmental impacts, such as reducing carbon emissions and improving air quality. Overall, this collaboration will contribute to Maharashtra's sustainable development and provide long-term benefits for its economy, environment, and residents.
Additionally, SJVN and MAHAGENCO will work together on tenders related to the renovation and modernization of small hydropower stations operated by MAHAGENCO. This partnership strengthens SJVN's project portfolio, which currently stands at 54,065 megawatts (MW). Of this total, 2,091.5 MW is already operational, while the remaining capacity is in various stages of development.
SJVN has set ambitious goals for the future. The company aims to achieve a capacity of 5,000 MW by the fiscal year 2023-24, further scaling up to 25,000 MW by 2030 and an impressive 50,000 MW by 2040.
The positive momentum for SJVN's stock has been consistent, with an overall gain of around 8 per cent this week. Earlier in the week, a subsidiary of SJVN secured the entire quoted capacity of 200 MW for a wind power project, contributing to the optimistic sentiment surrounding the company.
This collaboration between SJVN and MAHAGENCO marks a significant stride in the renewable energy sector and reinforces the commitment to a cleaner and greener future.
