SJVN secures financial assistance of Rs. 50,000 Crores from REC

SJVN Ltd has signed an MoU with REC Limited ("REC") for financing the projects of the Company and its subsidiaries and joint ventures to the extent of Rs. 50,000 Crores.

REC will provide financial assistance to set up New Power Generating Stations based on conventional and renewable sources of energy. REC will also assist financially in setting up new technology projects like Battery Storage, E-Vehicles, Green Hydrogen/Ammonia, Hydrogen Cells Storage, Manufacturing Units for Green Projects. The MoU covers construction of evacuation and transmission projects and includes strengthening/improvement of existing transmission system.

The Company is committed to achieve 25 GW of generation capacity by end of current decade, more than half of which is bound to come from renewable resources. With a total project portfolio of 54,327 MW, the Company is on rapid progression to achieve its Shared Vision of 5,000 MW by 2023-24, 25,000 MW by 2030 and 50,000 MW Company by 2040. This shared vision has been formulated in sync with the commitment of the Government of India of generating 50% energy from non-fossil fuel-based energy resources by 2030.

Shares of SJVN Limited was last trading in BSE at Rs. 50.10 as compared to the previous close of Rs. 50.26. The total number of shares traded during the day was 1014448 in over 2660 trades.

The stock hit an intraday high of Rs. 50.55 and intraday low of 48.87. The net turnover during the day was Rs. 50505902.00.

Source : Equity Bulls

Keywords

SJVN INE002L01015 Financing MoU REC