SJVN Share Price: SJVN shares jumped as much as 8 per cent in early trade on Tuesday, January 1. This jump has come after an agreement of Rs 5,663 crore with the Bihar government. SJVN informed that it has signed a Memorandum of Understanding (MoU) with the Bihar government for a project. The value of this project is around Rs 5,663 crore. As per the agreement, SJVN Limited will develop the 1,000 MW Hathidah Durgavati Pumped Storage Project (PSP). The project will have a tariff of Rs 9.39 per kWh, which will be calculated at the February 2024 price level, and the pumping energy rate will be Rs 3 per kWh.
The development of this pumped storage project in Bihar is expected to generate direct and indirect employment for 5,000 people. It is expected to attract investment of about Rs 10,000 crore.
Earlier in August 2022, the Power Ministry had appointed SJVN as the nodal agency to develop pumped storage projects in Bihar. The company was subsequently allotted 4 projects in the state: Telharkund PSP (400 MW), Sinafdar PSP (345 MW), Panchgotia PSP (225 MW), and Hathidah Durgavati PSP (1,600 MW).
Hathidah Durgavati Project will be implemented on the Durgavati River in Kaimur district of Bihar. Its capacity will be 1,000 MW (4×250 MW). It will be designed to deliver a daily maximum energy production of 6.325 million units MU) and an annual maximum energy production of 2,308.65 MU.
SJVN’s portfolio has been strengthened by receiving this order. The company is currently developing around 12,000 MW of energy storage projects in various states like Maharashtra, Karnataka, Mizoram, Himachal Pradesh and now Bihar. Around 10.45 am, shares of SJVN Limitage were trading at Rs 110.9, up 6.23 per cent on the NSE. It is a joint venture company in partnership with the Government of India and the State Government of Himachal.
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