State-run SJVN’s shares surged by almost 5 per cent on Friday following the company’s announcement to exchanges about securing two MoUs with the Maharashtra government for power project development. The estimated total investment for these projects is around ₹48,000 crore.
The Navratna CPSE announced today that it has signed two Memorandums of Understanding (MoUs) with the Maharashtra government for the development of Pumped Storage Projects (PSPs) and Floating Solar Projects (FSPs) in the state.
SJVN’s MoU with the Maharashtra government SJVN and the Department of Water Resources signed an initial Memorandum of Understanding (MoU) for the development of five Pumped Storage Projects totaling 8,100 MW.
The second Memorandum of Understanding (MoU) was signed by SJVN and Maharashtra State Power Generation Company (MAHAGENCO) for the development of a 505 MW floating solar project at Lower Wardha Dam in Maharashtra.
“The phased development will ensure optimal use of existing power evacuation infrastructure and will provide a sustainable and reliable energy source for the region,” stated the company’s petition.
The 505 MW floating solar project will be completed in two phases: the first phase will comprise 100 MW, while the second phase will include 405 MW.
This MoU will enable SJVN to conduct surveys and investigations, prepare the Detailed Project Reports (DPR), and establish the aforementioned projects in Maharashtra in a timely manner, in accordance with the applicable rules of both the Central and state governments