#### **Overview** SJVN Limited (Satluj Jal Vidyut Nigam), a **Navratna Central Public Sector Undertaking (CPSU)** under the **Ministry of Power, Government of India**, has evolved from a hydropower-focused entity into a **fully diversified transnational energy company**. With over **37 years of operational expertise**, SJVN is strategically positioned as a key player in India’s clean energy transition, aiming to support the national goals of **500 GW non-fossil fuel-based capacity by 2030** and **net-zero emissions by 2070**. --- #### **Strategic Vision & Growth Roadmap** - **Long-term Targets:** - **25,000 MW** installed capacity by **2030** - Over **50,000 MW** by **2040** - **Interim Milestone:** 5,000 MW by FY2024–25 (target revised upward due to aggressive project execution). - The company has transitioned from **aggressive expansion** to **efficient execution, consolidation, and optimization** of its large project portfolio. **Growth Strategy:** - Focus on **integrated energy infrastructure** across: - Power generation (hydro, solar, wind, thermal) - Transmission - Trading - Energy storage (including pumped storage and battery systems) - Emphasis on **technological innovation**, **cross-border collaboration**, and **green hydrogen/ev charging infrastructure** through joint ventures. --- #### **Energy Portfolio & Installed Capacity (as of Sep 2025)** | Segment | Status | Capacity | |--------|--------|---------| | **Operational Projects** | 13 power projects + transmission lines | **2,786.5 MW** | | - Hydro & Pumped Storage | Includes Nathpa Jhakri (1,500 MW), Rampur (412 MW) | **1,972 MW** | | - Renewable (Solar & Wind) | Via SJVN Green Energy Ltd. (SGEL) | **~487.5 MW**<br>(includes 390 MW solar under SGEL) | | - Thermal | Under SJVN Thermal Pvt. Ltd. | In construction | | **Under Construction** | 4,601 MW across hydro, solar, and thermal | | | - Hydro | Arun-3 (Nepal), Sunni Dam, Naitwar Mori | **1,558 MW** | | - Solar | Multiple projects in Gujarat, UP, Rajasthan | **1,773 MW** | | - Thermal | Buxar Thermal (Bihar) | **1,320 MW** | | **Pre-construction Pipeline** | 29,144.5 MW | | | - Hydropower (India & Nepal) | Etalin (3,097 MW), Luhri-II, Agoline cluster | ~7,000 MW | | - Pumped Storage (India) | Maharashtra (Kolmondapada, Sidgarh, Chornai, Baitarni) | **6,100 MW** | | - Renewable (Solar/Wind) | Projects in Punjab, Maharashtra, Gujarat, Assam | **>2,600 MW** | | - Thermal | Optional 3rd unit at Buxar | **+800 MW (proposed)** | > ✅ **Total Project Portfolio (as of Sep 2025):** > - **92 power projects & 3 transmission lines** > - **67,907.4 MW generation capacity** > - **340 km of transmission lines** --- #### **Key Projects & Developments (Sep 2025)** **1. Arun-3 Hydro Electric Project (Nepal – 900 MW)** - Civil works completed; electromechanical work ongoing for Unit 2. - Currently operating as **merchant power** on exchanges. - Awaiting long-term PPAs for 50% capacity; balance via wind-linked tenders. - Regulatory approval (RP) on **cash-to-cash basis** for revenue assurance. **2. Buxar Thermal Power Project (Bihar – 1,320 MW)** - Facing delays due to land acquisition for railway siding and water corridor. - **Unit 1 (660 MW)** expected in commercial operation by **July 15, 2025**, supplying **85% power to Bihar**. - Two units expected to be commissioned in **FY25–26**. - Proposal for an **additional 800 MW unit** under evaluation. **3. Renewable Energy Expansion** - **12 pre-construction solar/wind projects** totaling **>2,600 MW**: - **1,000 MW Punjab (PSPCL ET-3)** - **1,352 MW Maharashtra (MSEDCL PM KUSUM Scheme)** - **200 MW Gujarat (GUVNL Phase V)** - **7.2 GW solar portfolio fully backed by PPAs** (avg. tariff: ₹2.80/unit). **4. Hydropower & Pumped Storage Development** - **Maharashtra:** Three pumped storage projects: - Chornai (2,000 MW), Sidgarh (1,500 MW), Kolmondapada (800 MW), Baitarni (1,800 MW) → **Total: 6,100 MW** - **Arunachal Pradesh:** - **Etalin HEP (3,097 MW)** → Tenders likely in FY2026 - Agoline, Emra-I/II, Elango HEPs (1,080 MW combined) - **Himachal Pradesh:** Luhri Stage-II (228 MW) **5. International Ventures** - **Lower Arun HEP (669 MW)**, Nepal – Invested & constructed by wholly-owned subsidiary. - **Arun-4 HEP (490 MW)**, Nepal – MoU signed (2022), pre-construction approval granted. - SJVN aims for **5,000 MW of projects in Nepal by 2030**. --- #### **Subsidiaries & Joint Ventures** | Subsidiary/JV | Focus | Highlights | |---------------|-------|----------| | **SJVN Green Energy Limited (SGEL)** | Renewable (solar, wind) | - Operates 390 MW solar<br>- ₹41 cr revenue, ₹29 cr profit (Q1 FY25)<br>- 25,000 MW renewable pipeline | | **SGEL Assam Renewal Energy Ltd** | Assam solar projects | Step-down subsidiary; 1,000 MW Assam solar JV | | **SJVN Thermal Pvt. Ltd.** | Buxar thermal project | 100% owned by SJVN | | **SJVN Arun-3 Power Dev Co Pvt Ltd** | Arun-3 Project | Wholly owned; based in Nepal | | **Joint Venture with IOCL (50:50)** | Green H2, EV, renewables | - Target: 2,000 MW/year renewable addition from FY26<br>- Collaboration on Etalin HEP | | **Cross Border Power Transmission Co Ltd (26% stake)** | Indo-Nepal transmission | Operates Muzaffarpur–Dhalkebar line | --- #### **Policy & Market Leadership** - **Renewable Energy Implementing Agency (REIA):** - One of only **four public sector entities** designated by MNRE. - Mandated to: - Aggregate demand from DISCOMs - Conduct competitive bidding for 10–10.5 GW/year - Support 100–120 GW over 10 years - Earns **₹0.07/unit** on third-party project supplies. - **Category-I Power Trading License (2022):** - Traded **147.41 million units (MU)** in FY24–25. - Generated **78 MU** in FY23–24. - **Innovative Models:** - Launched **Round-the-Clock (RTC) power tender** (1,500 MW) with **₹4.38/kWh** lowest bid. - **PM Surya Ghar Muft Bijli Yojana:** - Implementing agency for **10,000 MW rooftop solar for 1 crore households**. - Assigned to **install on 18 central government ministries & in 3 states**. --- #### **Operational Strengths** - **In-House Expertise:** Full lifecycle capability in large hydro projects (design, construction, O&M, silt management, hard-coating tech). - **Lean Organization:** High **revenue & profit per employee**; strong manpower productivity. - **Stable Revenue Model:** - Revenue supported by **long-term PPAs** with state DISCOMs. - Major customers: HPSEB, JKPDCL, UPPTCL, PSPCL (64.44% of FY22–23 revenue). - **Financial Strength:** - Raised ₹10,000 cr via securitization of Nathpa Jhakri revenues (2023). - Historical strong cash flows enabling internal equity funding. --- #### **Challenges & Risks** - **Project Delays:** - Arun-3 (Nepal): Electromechanical delays. - Buxar Thermal: Land acquisition and infrastructure issues. - **Policy Risk:** - Changes in **Himachal Pradesh Hydro Policy** impacted project viability. Engaging with central/state govt for resolution. - **Execution Risks:** Interdependence between **Nathpa Jhakri** and **Rampur** plants; outage in one affects both. - **Currency Exposure:** - Foreign debt: ₹3,400 cr (USD), ₹1,500 cr (JPY) --- #### **Innovation & Future Readiness** - **Floating Solar Tech:** - MoU with **Ocean Sun (Norway)** for 2 MW membrane-based pilot in southern India. - **Rooftop & Floating Solar Projects:** - 90 MW Omkeshwar (Madhya Pradesh) commissioned in 2024. - 100 MW Raghanesda (Gujarat) commissioned 2024. - **Pumped Storage Push:** Strategic focus on **grid stability** for renewable integration. - **EV & Green Hydrogen:** Exploring expansion via IOCL JV. ---