Q3FY25: 10 Major Takeaways From SJVN Investors Call

By Manish Kumar/ Updated On Tue, Feb 18th, 2025

SJVN Limited, an Indian Public Sector Enterprise, which was earlier confined to hydroelectric power has now diversified its energy portfolio. The company is now foraying into several new renewable energy projects ranging from floating solar, vanilla solar and other projects. In its latest investors call, the company talked about its performance, challenges and current pace of deployments of its renewable energy projects. Following are the major takeaways from the investors call of SJVN.

Operationalization of Omkarehwar floating solar

SJVN said that it declared the commencement of its commercial operations of its 90 MW of Omkareshwar floating solar project on October 30, 2024. The project is set to generate 196 million units of energy annually.

Commissioning of Raghanesda Solar Project In Gujarat

The firm said that consequent upon the successful commissioning of Raghanesda Solar Power Project 100 megawatt, the commercial operation date, COD for the balance 42 megawatts out of the 100-megawatt capacity was declared in the third quarter of the current financial year on 12th October 2024.

“The project was commissioned in the previous financial year in the state of Gujarat with the capacity to produce 252 million units of energy per annum. The power generated from this solar project is being sold to Gujarat Urja Vikas Nigam Limited,” it added.

Total Electricity Capacity At 2.4 GW

SJVN’s total installed capacity now stands at 2,446 MW. It is driven by its solar, wind, hybrid, pumped storage projects, hydro projects and thermal projects. This comes at a time when the firm has plans to achieve 25 GW of total capacity by 2030. The firm said that it is on track towards its target.

“We stand at 2.5 gigawatt and another roughly 3 gigawatt we are adding in FY ’26. Our total portfolio on the renewable side, where you understand we can add capacity in a short span of time from 18 months to 24 months, and we have a portfolio of roughly 7.2 gigawatts. So if we take our renewable portfolio, hydro side, you have heard about numbers, RP Goyal, Director-Finance of SJVN said.

“And a lot of work is in progress. Sir has just shared that we have signed MOUs and survey investigation and DPR preparation of solar as well as the pump storage and the hydro projects are in process. So as of now, we are doubling our capacity in FY ’26. And every year, we are going to — by FY ’26, we are going to add, say, roughly around 3 gigawatt of capacity every year,” he added.

Series of Pumped Storage Projects

The company said that one of the major developments in this quarter wasthe signing of an MOU with the Government of Bihar on 31st December 2024 for the development of 1,000-megawatt Hathidah Durgawati Pumped Storage Plant in Bihar. Proposed on the Durgawati River in Kaimur District, the Hathidah Durgawati PSP will have an installed capacity of 1,000 megawatt. It has also planned 5 GW of PSP projects in Rajasthan.

Bikaner Solar Project Commissioning In Q3FY26

The company said that it has planned to commission its 1 GW of Bikaner solar project by Q3 of FY26. “As far as our solar power projects are concerned, the erection of solar PV modules for the Bikaner solar power project of capacity 1,000 megawatts has commenced and 137 megawatts out of a total 1,000 megawatts have been installed at the site,” RK Choudhury, CMD of SJVN said.

“We are extremely hopeful that once the panels are supplied, then we will also commission in the third quarter of this ’25-’26,” the management of the firm said.

12 Solar Projects Under Pipeline

The company said that 12 of its sola projects are under pipeline besides other energy projects.

“To give you a brief overview of our projects, as of now, 12 projects with a combined capacity of 2,466.5 megawatts and 2 transmission lines are operational. We are constructing 4 hydro projects totaling 1,558 megawatts, 1 thermal project of 1,320 megawatts and 12 solar projects with a total capacity of 2,058 megawatts. So under construction, portfolio of the company is 4,936 megawatts,” the company said.

Performance Under PM Surya Ghar

SJVN said that it is now handling the PM Surgya Ghar scheme in three states while spearheading its adoption in 18 ministries.

“We are pleased to share that SJVN has been allotted 3 states for this scheme, Himachal Pradesh, Punjab, and Arunachal Pradesh. SJVN has also been assigned the responsibility for installing rooftop solar systems on government buildings with 18 ministries allocated to us. The process of empanelment of vendors for government buildings completed and signing of MOU with respective states and ministries is in process,” the management said.

Floated 7.5 GW renewable tenders

SJVN also said that it has floated upto 7.5 GW of tenders in different formats in the renewable sector.

“You may also be aware that SJVN has been listed as one of the Renewable Energy Implementing Agency, REIA, by the Ministry of New and Renewable Energy, MNRE, to help meet the 500 gigawatt mission by 2030. In financial year ’24-’25, we have floated tenders for 7.5 gigawatt against a target of 10.8 gigawatt. And overall, SJVN has achieved an awarded capacity of 2.4 gigawatt during this financial year,” it said.

Several PSPs under the DPR stage

SJVN also said that it has several proposed PSP projects under the DPR and FPR stages. “On PSP, the first activity is the preparation of a pre-feasibility report. So — and thereafter, DPR. So we are in the process of preparation of PFR for 1,200 megawatts and 1,000 megawatts — 2,200 megawatts and 1,000 megawatts. So 2 projects. And thereafter, we will start the preparation of DPR. DPR is under preparation for 2,400 megawatts, okay? So once DPR is prepared and cleared, it will take another 4 years for the construction of pump storage plants,” the CMD of the company said.

Listing Of SJVN Green Energy

The company said that it has planned to issue the IPO of SJVN Green Energy soon. “ This listing, we are planning and we are just taking this — we are weighing all the options. Maybe in the third quarter (FY26), we will be able to — this issue — we’ll try to listing in the third or fourth quarter.