State-owned power producer SJVN Ltd announced on Tuesday (December 31) that it has signed a Memorandum of Understanding (MoU) with the Bihar government to develop the 1,000 MW Hathidah Durgawati Pumped Storage Project (PSP). Following this announcement, SJVN shares rose by nearly 8%.
As of 10:16 am the shares were trading 6.94% higher at ₹111.66 on NSE.
Project Highlights:
- Investment & Cost:
The project is estimated to cost ₹5,663 crore and is expected to attract an overall investment of ₹10,000 crore. The levelized tariff for the project is projected at ₹9.39 per kWh, based on February 2024 price levels. - Employment:
The project is anticipated to create direct and indirect employment opportunities for around 5,000 individuals. - Location & Capacity:
Proposed on the river Durgawati in Bihar’s Kaimur district, the project will have an installed capacity of 1,000 MW (4×250 MW), generating daily peak energy of 6.325 MU and an annual peak energy of 2,308.65 MU.
Agreement Signing:
The agreement was formalized in Patna in the presence of Bihar’s Deputy Chief Minister Vijay Kumar Sinha, Energy Minister Bijendra Prasad Yadav, Industries Minister Nitish Mishra, and SJVN CMD Raj Kumar Chaudhary.
Background:
In August 2022, the Ministry of Power designated SJVN as the nodal agency for developing Pumped Storage Projects in Bihar. Subsequently, four projects were allocated to SJVN, including the Hathidah Durgawati PSP. A feasibility study by SJVN identified Hathidah Durgawati PSP as the most viable option.
SJVN is currently developing over 12,000 MW of PSPs across various states, including Maharashtra, Karnataka, Mizoram, and Himachal Pradesh.
