A wholly owned subsidiary of SJVN Ltd. has successfully completed the trial run of its 241.77-megawatt capacity in Phase I of the 1,000 MW Bikaner Solar Power Project.
The 241.77 MW capacity of SJVN Green Energy Ltd. will receive its commercial operation date on Wednesday, while the total capacity of 1,000 megawatt is expected to fully be commissioned by Sept. 30, according to an exchange filing on Tuesday.
After the completion of the project, SGEL will supply solar power to Rajasthan, Jammu & Kashmir and Uttarakhand.
The 1,000 MW Bikaner Solar Power Project is set to significantly contribute to India's goal of achieving 500 gigawatt of non-fossil fuel capacity by 2030, while supporting the company's vision of reaching 25,000 MW by 2030 and 50,000 MW by 2040, the filing said.
In March, SJVN signed a memorandum of understanding with the Chhattisgarh government to establish an 1,800 MW pumped storage project in Kotpali, with an investment of Rs 9,500 crore.
Shares of SJVN closed 0.33% lower at Rs 91.29 apiece on the National Stock Exchange before the announcement, compared to a 1.5% fall in the benchmark Nifty. The stock has fallen 27.2% in the last 12 months and 12.57% on a year-to-date basis.
Three of the five analysts tracking the company have a 'buy' rating on the stock, one suggests 'hold' and another recommends 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 7%.
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