SVJN on Monday announced that its wholly owned subsidiary, SJVN Green Energy Limited has signed the Power Usage Agreement (PUA) with Jammu & Kashmir Power Corporation Limited (JKPCL) at Jammu for 300 MW solar power capacity.
The company said that this 300 MW power shall be supplied to JKPCL from the under construction 1,000 MW Bikaner Solar project which is being developed under the CPSU Scheme of IREDA at a cost of Rs 5,491 crore. “The project is being developed under the Domestic Content Requirement (DCR) mode and is slated for commissioning by July, 2024. Power from this project is for Govt use either directly or through Discom,” it said in a regulatory filing.
SVJN is on a progression to achieve its shared vision of 25,000 MW by 2030 and 50,000 MW by 2040. This shared vision, it added, has been formulated in sync with the commitment of the Government of India of generating 50 per cent energy from non-fossil fuel-based energy resources by 2030.
Earlier in February, SJVN Ltd had reported an over 51 per cent decline in its consolidated net profit to Rs 138.97 crore in the December quarter, due to lower revenues. The consolidated net profit was Rs 287.42 crore during the quarter. The board of directors had also approved an interim dividend of Rs 1.15 per equity share for the financial year 2023-24.
