New Delhi: The clean energy PSU, SJVN Limited on Wednesday said that it has signed an MoU with Power Finance Corporation (PFC) for financing it’s diversified project portfolio.

SJVN CMD NL Sharma informed that PFC has agreed to finance SJVN’s renewable projects viz solar, hydro & pumped storage projects and thermal project to be set up at the total project cost of around Rs 1,18,826 crores (1.18 lakh crore). The term loan financial assistance is tentatively proposed at 70 percent of the project cost, which may be increased for renewable energy projects as per the project requirements.

The MoU was signed in the presence of PFC's Chairperson & Managing Director Parminder Chopra and SJVN CMD Nand Lal Sharma by SJVN's Director (Finance) Akhileshwar Singh and PFC's Director (Commercial) Manoj Sharma. During the MoU signing, SJVN's Director (Personnel) Geeta Kapur and senior officials of SJVN and PFC were also present.

Recently, SJVN has inked various MoUs with other power CPSEs for developing renewable energy projects. This will strengthen the footprints of SJVN in the renewable energy sector and will help in achieving the Government of India’s target of 50 percent installed capacity from non-fossil fuel sources by 2030.

SJVN shares jump over 7 percent

Shares of SJVN jumped over 7 percent after the company announced its initial pact with PFC to get finance for its projects worth Rs 1.18 lakh crore.

The stock rallied 6.78 percent to settle at Rs 81.75 apiece on the BSE. During the day, it jumped 9.31 percent to reach its 52-week high of Rs 83.69.

On the NSE, it climbed 7.11 per cent to end at Rs 82.10 per piece.

With PTI inputs

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