SJVN Ltd shares rises over 4%, signs MoU with Energy Dept of Rajasthan government

The Shares of SJVN Ltd have soared after the company announced that it has inked a memorandum of understanding (MoU) with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state.

In an exchange filing, SJVN said, “It is intimated that the Company has signed a Memorandum of Understanding (MoU) with the Energy Department, Government of Rajasthan to spearhead the development of renewable energy in the state.”

Under the deal, SJVN will develop 5 GW pumped storage projects and 2 GW floating solar projects in the state. Both parties have agreed to collaborate for the development of renewable energy on a long-term basis, SJVN said in a statement. 

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The agreement, signed in the presence of Rajasthan Chief Minister Bhajan Lal Sharma, outlines plans for 5 GW of Pumped Storage Projects and 2 GW of Floating Solar Projects. SJVN’s Director of Finance, Akhileshwar Singh, and RRECL Managing Director Om Kasera formalized the partnership.

The MoU demonstrates SJVN’s commitment to expanding its renewable energy portfolio, aligning with its vision of achieving 25,000 MW capacity by 2030 and 50,000 MW by 2040. The Navratna PSU will collaborate with Rajasthan’s energy authorities on a long-term basis for these developments.

This agreement marks a significant step in Rajasthan’s renewable energy sector, combining both storage and solar capabilities. Pumped storage projects will help address power storage challenges while floating solar projects represent an innovative approach to solar power generation.

As of now, shares of SJVN are trading 4.44 percent higher at Rs 108.10 per share. In comparison, BSE Sensex was trading 0.20 percent higher at 77,311.29 levels. The 52-week high of SJVN is Rs 170.45 while the 52-week low is Rs 80.17

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