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SJVN, formerly known as Satluj Jal Vidyut Nigam, is an Indian public sector undertaking in the Navaratna Category and involved in hydroelectric power generation and transmission. It was incorporated in 1988 as Nathpa Jhakri Power Corporation, a joint venture between the Government of India and the Government of Himachal Pradesh.[4][5] The company has a total operating hydropower capacity of 1972 MW through its three hydropower plants—Nathpa Jhakri and Rampur and Naitwar Mori. In addition, it has an installed capacity of 97.6 MW of wind power and 396.9 MW of solar power.[6][7]

Key Information

Beginning with a single project and single state operation, India’s largest 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh, the company has commissioned twelve generation projects totaling 2466.5 MW of installed capacity and 86 km 400 KV Transmission Line. SJVN is presently implementing or operating power projects in Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, Uttar Pradesh, Punjab, Gujarat, Arunachal Pradesh, Rajasthan, Assam, Odisha, Mizoram and Madhya Pradesh in India.

Apart from India, SJVN also has under-construction hydroelectric projects in Nepal and Bhutan.[8][9][10]

Subsidiaries

[edit]
  1. SJVN Arun-3 Power Development Company Pvt Ltd (SAPDC)
  2. SJVN Thermal Private Limited (STPL)
  3. SJVN Green Energy Limited (SGEL)

Joint Ventures

[edit]
  1. Cross Border Power Transmission Company Limited (CPTC)

Operations

[edit]
Sr No Power Projects State Capacity (MW)
1 Nathpa Jhakri Hydro Power Station Himachal Pradesh 1500
2 Rampur Hydro Power Station Himachal Pradesh 412
3 Parasan Solar Power Project Uttar Pradesh 75
4 Charanka Solar Power Project Gujarat 5.6
5 Sadla Wind Power Project Gujarat 50
6 Khirvire Wind Power Project Maharashtra 47.6
7 Solar Power Plant at Nathpa Jhakri Himachal Pradesh 1.310
8 Naitwar Mori Hydro Power Station Uttarkashi Uttarakhand 60
9 Dhaulasidh Hydro Electric Project Hamirpur Himanchal Pradesh 66

See also

[edit]
[edit]

References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

SJVN

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from Grokipedia
SJVN Limited is an Indian Navratna undertaking under the administrative control of the Ministry of Power, , specializing in the development, construction, operation, and maintenance of hydroelectric power projects, with diversification into , , and transmission . Incorporated on 24 May 1988 as a between the (holding a 55% stake) and the (26.85% stake), the company—formerly known as Satluj Jal Vidyut Nigam—manages an operational capacity of 2,467 MW across 14 projects, including the flagship 1,500 MW Nathpa Jhakri Hydroelectric , one of the world's largest underground facilities. Its portfolio encompasses 56,803 MW in various stages of development, with operations extending to international collaborations in and , and long-term targets of 25,000 MW by 2030 and 50,000 MW by 2040. In 2023-24, SJVN reported total income of ₹2,833.56 and profit after tax of ₹908.40 , underscoring its role in India's through efficient, low-carbon power generation. The company's core expertise lies in harnessing Himalayan river systems for run-of-the-river , exemplified by projects like the 412 MW Rampur Hydroelectric Project and the under-construction 1,020 MW Arun-III in , while recent expansions include the 1,320 MW and solar initiatives to balance renewable intermittency. SJVN also provides engineering consultancy services globally and maintains 123 km of transmission lines, contributing to grid stability. Granted Navratna status on 30 August 2024, it exemplifies state-led development, with distributed as 18.15% to public shareholders following its listing on stock exchanges.

History

Founding and Initial Mandate

SJVN Limited traces its origins to May 24, 1988, when it was incorporated under the Indian Companies Act as Nathpa Jhakri Power Corporation Private Limited (NJPC). This entity was established as a between the and the to execute a specific hydroelectric initiative. The initial mandate centered on the development, construction, ownership, operation, and maintenance of the 1,500 MW Nathpa Jhakri Hydroelectric Power Station, an underground facility located on the Satluj River between Nathpa in and Jhakri in . This project, featuring a 27 km headrace and six 250 MW reversible turbine-generator units, was intended to harness the river's high-velocity flow for peaking power generation to bolster the northern Indian electricity grid. At inception, the corporation's equity was structured with the holding 75% and the 25%, reflecting the central government's lead role in funding and oversight while incorporating state interests in regional resource utilization. The mandate emphasized efficient exploitation of the Satluj basin's hydroelectric potential, prioritizing technical feasibility, cost-effectiveness, and reliable power supply without broader diversification at the outset.

Major Project Developments

SJVN's foundational project, the 1,500 MW Nathpa Jhakri Hydroelectric Power Station (NJHPS) on the River in , began construction following the company's incorporation in 1988 specifically for this purpose, with the first generating unit commissioned in October 2003 and full capacity achieved by May 2004. As India's largest underground facility at the time, NJHPS featured six 250 MW Francis turbines and an average annual generation target of 6,612 million units, leveraging a 428-meter head for efficient power output. The project established SJVN's expertise in large-scale run-of-the-river , contributing significantly to northern India's grid stability despite early challenges like sediment management post-commissioning in 2004. Building on NJHPS, SJVN developed the 412 MW Rampur Hydroelectric Project downstream on the same river, with construction advancing through international financing and the first four units commissioned between March and June 2014, followed by the remaining two to achieve full operation by December 2014. This six-unit facility, each rated at 68.67 MW, targeted 1,800 million units annually and integrated advanced over 15 km of headrace , enhancing SJVN's portfolio to over 1,900 MW in operational by 2015. Further expansion included the 60 MW Naitwar Mori Hydroelectric Project on the in , where tunnel excavation completed ahead of schedule and the first 30 MW unit began commercial supply in November 2023, with the second unit following to reach full capacity by December 2023. Designed for 265.52 million units annually, this run-of-the-river project diversified SJVN's geographic footprint beyond while adhering to environmental rehabilitation plans for affected communities. In parallel with hydroelectric advancements, SJVN initiated diversification into renewables, notably through the 1,000 MW in , where Phase I trial operations commenced with 241.77 MW in March 2025, accumulating 629.90 MW commissioned by September 2025 via phased grid connections. This marked a shift toward solar capacity addition, supported by competitive tariffs and grid integration, as SJVN pursued tenders for additional (600 MW) and hybrid projects amid growing under-construction pipelines exceeding 4,600 MW across hydro, , and solar by mid-2025.

Expansion into Renewables

SJVN Limited, traditionally focused on hydroelectric generation, initiated its expansion into sources beyond hydro in the early 2020s to diversify its portfolio and align with India's national targets for non-fossil fuel capacity. The company incorporated SJVN Green Energy Limited as a wholly-owned subsidiary in March 2022 to spearhead , and hybrid projects. This move facilitated the development of over 1,950 MW of solar capacity under construction across 11 projects as of August 2024, alongside and initiatives. Key solar developments include the 1,000 MW project in , where 320 MW became operational by mid-2025, followed by commercial operation of an additional 128.88 MW on September 30, 2025, and 78.23 MW earlier in May 2025. SJVN also laid the foundation for a 200 MW solar plant at , , on September 22, 2025, with presiding virtually; the project, costing ₹866.8 at a of ₹2.88 per unit, is slated for commissioning by December 31, 2026. In FY26, SJVN allocated ₹1,200 in to accelerate renewable and transmission expansions, targeting integration of solar-plus-storage solutions. Wind efforts progressed through competitive tenders, including a September 2025 invitation for 600 MW of ISTS-connected projects with minimum bids of 50 MW per developer. Earlier, SJVN awarded 170 MW of capacity in 2025 to developers like Adyant Enersol and UPC Renewables. Hybrid and round-the-clock (RTC) projects incorporating battery storage have been prioritized, with a May 2025 yielding a record-low of ₹3.32 per unit for 1,200 MW solar paired with 600 MW/2,400 MWh storage. In March 2025, SJVN allocated 448 MW under a 1.2 GW RTC tender to firms including ReNew (100 MW at ₹4.82/kWh) and . These initiatives reflect SJVN's strategy to supply firm, dispatchable power, including a March 2025 agreement with Zelestra for 500 MW combining 250 MW solar, 180 MW , and 90 MWh storage. In October 2025, SJVN conducted a 6 GWh peak power auction from ISTS-connected renewables, awarding capacities to Reliance and ACME, emphasizing assured peak-hour delivery through hybrids. Additional efforts include rooftop solar, with 5.8 MW awarded in January 2025 for completion within six months of agreements, and 401 MW under PM-KUSUM in invited in August 2025. By FY25 Q4, solar and revenues surged 138%, underscoring the commercial viability of this pivot amid India's 500 GW renewable goal by 2030.

Ownership and Governance

Government Ownership and Status

SJVN Limited operates as a Central Enterprise (CPSE) under the administrative control of the Ministry of Power, , with a mandate focused on hydroelectric power development and projects. The company was initially incorporated as a between the and the in 1988, reflecting its origins in harnessing the potential of the Satluj River basin. The maintains a controlling stake of 55% in SJVN's equity share capital, ensuring dominant influence over strategic decisions, while the holds 26.85%, totaling promoter ownership at approximately 81.85% as of September 2025. The balance of 18.15% is distributed among public shareholders, including institutional investors such as the (2.76%) and mutual funds. This structure underscores SJVN's status as a government-majority entity, with periodic stake dilutions, such as the 2023 offer-for-sale where the reduced its holding from 59.92% by divesting up to 4.92%. In terms of operational autonomy, SJVN was conferred Mini Ratna Category-I status in 2008, enabling enhanced financial and managerial flexibility. On August 30, 2024, it was elevated to Navratna status by the Department of Public Enterprises, joining 24 other elite PSUs and gaining authority for up to ₹3,000 without prior government approval, alongside broader powers for forming joint ventures and subsidiaries. This upgrade reflects SJVN's consistent financial performance and project execution capabilities, positioning it for accelerated expansion in renewables and international ventures.

Board and Leadership Structure

SJVN Limited's provides strategic oversight and as a Schedule 'A' Navratna Central Enterprise under the administrative control of the Ministry of Power, . The board comprises the Chairman and Managing Director, whole-time functional directors, government nominee directors representing the primary shareholder ( with 55% stake, Himachal Pradesh Government with 26.85%), and independent directors to ensure balanced decision-making and compliance with norms under the , and SEBI regulations. The leadership is headed by the Chairman and Managing Director (CMD), Shri Bhupendra Gupta, who assumed additional charge effective May 1, 2025, drawing from his prior experience as Director (Technical) at THDC India Limited with over 32 years in the power sector. Whole-time directors handle core functions: Shri Ajay Kumar Sharma serves as Director (Personnel), managing human resources, administration, and personnel policies; Shri Rajendra Prasad Goyal acts as Director (Finance), responsible for financial planning, budgeting, and treasury operations. Government nominee directors, appointed by the Ministry of Power, include Shri Mohammad Afzal, ensuring alignment with national priorities in power generation and renewables. offer external perspectives and risk oversight; notable members include Ms. Udeeta Tyagi, appointed as non-official , and Shri Shubh Karan Singh, appointed as part-time non-official director effective September 11, 2025. Recent board transitions reflect ongoing governmental adjustments: Shri Arindam Chaudhary ceased as director effective August 1, 2025, while Shri Sipan Kumar Garg was noted in appointments linked to roles from THDCIL. The structure emphasizes functional expertise in hydroelectric and renewable projects, with board meetings held periodically to approve major investments, such as capacity expansions exceeding 10,000 MW targeted by 2030.

Core Operations and Projects

Hydroelectric Power Generation

SJVN Limited operates three hydroelectric power stations with a combined installed capacity of 1,972 MW, primarily harnessing river flows in the Himalayan states of and for baseload and peaking power supply to India's northern grid. These run-of-the-river and storage schemes generate over 7,000 million units (MU) annually under optimal hydrological conditions, leveraging high-head topography and seasonal monsoons while minimizing environmental footprint through underground infrastructure where feasible. The Nathpa Jhakri Hydroelectric Power Station (NJHPS), SJVN's cornerstone asset, features a 1,500 MW capacity with six 250 MW Francis turbine-generator units housed in a 296-meter-long underground powerhouse on the River in Himachal Pradesh's Kinnaur and districts. Construction commenced in 1993, with full commissioning by 2004 after overcoming geological challenges like high-pressure water ingress during tunneling; the project includes a 17 km headrace tunnel and a 40-meter-high Nathpa dam for regulated releases. As a reservoir-based peaking station with 44 million cubic meters of storage, NJHPS delivers up to 1,002 MW in peak hours and achieved centralized remote operations integration with the Rampur station in April 2024 to optimize dispatch and maintenance. Downstream on the , the 412 MW Rampur Hydroelectric employs six 68.67 MW units in a surface powerhouse, utilizing the tailwaters from NJHPS via a 15 km headrace without additional storage, classifying it as a run-of-the-river facility designed for high efficiency (98.4% hydraulic) and annual generation of about 1,800 MU. Commissioned progressively from 2009 to 2012 following environmental clearances in 2006, it faced delays from seismic events but has since demonstrated resilience, surpassing its design energy of 1,671 MU for FY 2024-25 by December 2024—three months ahead of schedule—amid favorable inflows. In , the 60 MW Naitwar Mori Hydroelectric Project on the Tonse River tributary comprises two 30 MW Francis turbines in a surface setup, with a 4.3 km headrace and diversion ; the first unit reached commercial operation on November 24, 2023, followed by the second in December 2023 after synchronization and testing. Projected to yield 265.5 MU yearly, it enhances SJVN's diversification beyond the basin while adhering to run-of-the-river norms with minimal submergence (9.38 hectares). These stations collectively underscore SJVN's expertise in large-scale hydro development, with generation metrics tied to river inflows—peaking during monsoons (June-September) and moderated by dry-season releases—while integrated grid management has boosted plant load factors above 90% in high-output years. Ongoing sediment management at NJHPS, including desanding basin enhancements, sustains long-term efficiency against Himalayan loads exceeding 10,000 ppm.

Renewable Energy Projects

SJVN Limited has expanded its portfolio into solar, , hybrid renewable, and battery storage projects since the early 2020s, driven by India's national targets for non-fossil fuel capacity and the company's strategic shift from primarily hydroelectric generation. Through its subsidiary SJVN Green Energy Limited, SJVN has commissioned over 591 MW of solar capacity between April 2024 and June 2025, contributing to a total operational solar and capacity exceeding 600 MW as of mid-2025. This expansion includes both developer-led initiatives and power purchase agreements (PPAs) for procured , with a focus on interstate transmission system (ISTS)-connected projects to ensure grid stability. In , SJVN Green Energy has operationalized key facilities such as the 100 MW Bikaner Project in , which commenced commercial operations in 2024, followed by an additional 128.88 MW addition to the same site in October 2025, bringing the Bikaner project's total output to 628.88 MW toward a planned 1,000 MW capacity. Earlier projects include the 75 MW Parasan Project and 75 MW Gurhah Project, both operationalized by mid-2024. In August 2025, SJVN Green Energy floated an (EPC) tender for 500 MW of solar projects near the 220 kV Bikaner-IV substation in 's Ambaran district. Additionally, SJVN awarded solar projects worth Rs 696.5 to KPI Green Energy in October 2025 for three unspecified sites. Wind and hybrid initiatives form another pillar, with SJVN issuing a tender in September 2025 for procuring 600 MW from ISTS-connected projects, with bids due by , 2025. In March 2025, SJVN signed a PPA with Renewable Energy Limited for a 460 MW firm and dispatchable project incorporating , solar, and storage to deliver round-the-clock power, expected to generate nearly 3,000 million units annually. Zelestra secured a long-term in March 2025 with SJVN for a 500 MW hybrid portfolio of , solar, and battery storage aimed at 24/7 dispatchable clean energy. SJVN also concluded a 1.2 GW in March 2025, awarding 448 MW to developers including ReNew and at competitive tariffs. Battery storage integration is evident in tenders like the 6 GWh assured peak power auction in December 2024, won by Reliance NU Energies, ACME Solar Holdings, and others in October 2025 for ISTS-connected renewable projects with storage. Reliance Power won a 350 MW solar-plus-battery storage tender from SJVN in May 2025. Floating solar advancements include a 150 MW distributed renewable energy project awarded to BluPine Energy in October 2025. Strategic partnerships, such as the September 2025 joint venture with the Maharashtra government for 5,000 MW of renewables, underscore SJVN's ambitions, aligning with the state's 50% renewable energy target by 2030.
Project TypeCapacity (MW)Location/DetailsStatus/YearSource
Bikaner Solar100 (initial) + 128.88Operational 2024-2025[web:6][web:15]
Parasan Solar75UnspecifiedOperational by 2024[web:13]
Gurhah Solar75UnspecifiedOperational by 2024[web:13]
Tata Power Hybrid PPA460Wind-solar-storage, RTCPPA signed March 2025[web:7]
Zelestra Hybrid500Wind-solar-battery, 24/7Contract March 2025[web:0]
JV5,000Various renewablesApproved September 2025[web:5]
Wind Procurement Tender600ISTS-connectedTender September 2025[web:10]
SJVN's renewable pursuits also encompass larger ambitions, such as developing 10,000 MW of solar projects and parks in via land allocated by the Rajasthan Renewable Energy Corporation Limited. These efforts position SJVN to contribute significantly to India's renewable capacity goals, though execution depends on tender outcomes, grid integration, and regulatory approvals.

Transmission and Other Infrastructure

SJVN Limited develops transmission infrastructure primarily to facilitate power evacuation from its hydroelectric and projects, rather than operating as a dedicated transmission . As of September 2025, the company has commissioned 123 km of transmission lines associated with its 14 operational projects totaling 2,968 MW capacity. These lines ensure reliable integration with the national grid and cross-border systems, with SJVN handling construction, operation, and maintenance for project-specific segments. A notable example is the 37 km 220 kV double circuit constructed for the 60 MW Naitwar Mori Hydro Electric Project in , linking the Bainol switchyard to the Snail substation. This line, built by SJVN, achieved operational status in late 2023 alongside the project's commercial generation milestone, enabling efficient power transfer to the northern grid. For international expansion, SJVN's SJVN Arun-3 Power Development Company Pvt. Ltd. oversees transmission for the 900 MW Arun-3 Hydro Electric Project in , including a 217 km 400 kV line within to connect the powerhouse to the Indian . This integrates with a cross-border 400 kV double circuit (twin moose conductor) line totaling 128 km (89 km in ), from substation to the interconnection point, supporting export of surplus power to ; the project remains under development as of 2025. SJVN also invests in ancillary such as switchyards and bays at sites for grid , though these are typically scaled to individual generation capacities rather than standalone networks. Looking ahead, the company allocated part of its ₹1,200 for FY26 toward enhancing transmission assets to accommodate growing , and hydro capacities.

Subsidiaries and Joint Ventures

Key Subsidiaries

SJVN Limited maintains several wholly-owned subsidiaries to execute specialized power development projects, enabling focused operations in hydroelectric, , and renewable sectors while leveraging the parent company's expertise in and financing. These entities are fully consolidated in SJVN's financials, reflecting 100% ownership and strategic alignment with national energy goals. SJVN Green Energy Limited (SGEL), incorporated to spearhead initiatives, develops and operates solar and projects across . As of July 1, 2025, SGEL achieved commercial operation of an additional 100.25 MW capacity at its solar project in , contributing to SJVN's diversification beyond hydro. SGEL's portfolio emphasizes grid-connected solar parks, with capacities under development exceeding 1,000 MW, supported by power purchase agreements with state utilities. SJVN Thermal Private Limited (STPL) focuses on thermal power generation, targeting coal-based plants to supplement SJVN's hydro-dominant portfolio amid variable water availability. STPL is advancing projects like the 1,320 MW thermal plant in , though progress has been moderated by environmental clearances and fuel supply logistics as of 2023. This subsidiary addresses India's baseload power needs, with operations integrated into SJVN's transmission infrastructure. SJVN Arun-3 Power Development Company Private Limited (SAPDC) oversees the 900 MW Arun-3 hydroelectric project on the Arun River in , , a run-of-the-river facility with underground powerhouses designed for 6.6 billion kWh annual generation. Construction commenced in 2018, with full commissioning targeted for 2026-2027, exporting surplus power to under bilateral agreements. SAPDC manages international compliance, including environmental impact assessments and funding from multilateral agencies.

Strategic Joint Ventures

SJVN Limited has pursued strategic joint ventures primarily to accelerate development in and hydroelectric projects, leveraging partnerships with state entities, public sector undertakings, and international collaborators to mitigate risks, share expertise, and access new markets in and . These ventures align with SJVN's diversification from traditional hydro assets into solar, wind, and hybrid capacities, often structured with SJVN or its subsidiaries holding majority stakes to maintain operational control. In September 2025, the government approved a between SJVN and Limited (Mahagenco) for 5,000 MW of projects, with SJVN holding 51% equity and Mahagenco 49%; the is set at 70:30 or 80:20. The initial phase targets 735 MW, encompassing the 125 MW Ghatghar Phase-2 pumped storage project, a 105 MW initiative on Ujjani reservoir, a 300 MW solar project in , and a 200 MW wind project in . This partnership supports 's renewable targets while enabling SJVN to expand in . SJVN's board approved a with Limited (IOCL) on May 29, 2024, focused on developing green round-the-clock (RTC) projects integrating solar, wind, and to provide reliable baseload power. The collaboration aims to harness IOCL's infrastructure synergies for fuel-to-renewable transitions, with the entity targeting firm dispatchable green power to meet industrial demands. Through its wholly owned subsidiary SJVN Green Energy Limited (SGEL), SJVN signed a and with Assam Power Distribution Company Limited (APDCL) on April 10, 2024, to develop renewable projects in , prioritizing solar and hybrid capacities to enhance regional grid stability and support eastern 's . In January 2024, SJVN received government approval for four s totaling approximately 8 GW across hydro and renewables in and , with SJVN leading three and SGEL heading the fourth for the Upper Arun project; these include partnerships for projects like the 382 MW Tobgay in and expansions in , emphasizing cross-border hydro exports. Additionally, a January 2025 agreement with (IREDA), , and Electricity Authority (NEA) targets the 1,100 MW Upper Siang hydroelectric project on the Siang , aiming to bolster bilateral ties despite geopolitical sensitivities in the .

Financial Performance

SJVN Limited's standalone revenue from operations has exhibited relative stability over the past several fiscal years, ranging between approximately ₹2,400 and ₹2,900 , reflecting the company's reliance on fixed-capacity hydroelectric assets with long-term power purchase agreements. Fluctuations stem primarily from variations in power generation influenced by hydrological conditions, such as inflows, alongside minor contributions from renewable projects and trading activities. Profit after tax (PAT) has shown greater volatility, peaking at ₹1,641 in FY 2021 due to favorable generation and realizations, before declining amid higher costs from expansions and suboptimal years. Subsequent recovery in FY 2023 was offset by increased and expenses in later years, with PAT stabilizing around ₹900-₹1,000 recently as operational efficiencies and capacity commissioning provided marginal uplift. The following table summarizes key standalone financial metrics for recent fiscal years (ending March 31):
Fiscal YearRevenue from Operations (₹ crore)Profit After Tax (₹ crore)
20222,422978
20232,9351,363
20242,534908
20252,897970
These figures indicate an average annual revenue growth of about 4.7% from FY 2022 to FY 2025, constrained by the maturity of core assets like the Nathpa Jhakri Hydroelectric Plant, while PAT margins have averaged around 35%, pressured by debt servicing for ongoing projects such as the 1,500 MW Luhri and 382 MW Spilway projects.

Recent Financial Challenges

In the quarter ended March 31, 2025 (Q4 FY25), SJVN reported a net loss of ₹127.72 , primarily due to elevated expenses amid operational pressures, contrasting with profits in prior quarters and contributing to a 5% decline in its share price on May 30, 2025. This loss highlighted challenges in cost management, as total expenses outpaced marginally rising revenues, exacerbating investor concerns over efficiency in a capital-intensive sector. Project delays have compounded financial strains, leading to a downward revision of to ₹9,000 for FY25 from initial plans, as noted in the Q2 FY26 earnings call on September 25, 2025. Specific setbacks include postponements at the 1,320 MW thermal plant and the 900 MW Arun-3 hydroelectric project, which have deferred revenue inflows and increased holding costs for under-construction assets. Similar issues at the Devasari Hydro project have further pressured timelines, with Ratings citing potential weakening in operational performance and delayed counterparty dues as risks to liquidity. Debt levels have risen sharply to support capex, with gross debt reaching ₹205 billion by March 31, 2024, and continuing upward trajectory into FY25 through borrowings for ongoing projects. This resulted in adjusted gearing climbing to 1.9 times as of March 31, 2025 (from 1.5 times in FY24), driven by approximately ₹7,800 crore in debt-funded investments, while consolidated net leverage deteriorated to 10.8 times. Consequently, FY25 net profit fell 10.2% to ₹8,180 million from ₹9,114 million in FY24, despite record power generation, underscoring the drag from leverage and execution hurdles. Into FY26, Q1 net profit dropped 36.26% year-over-year to ₹227.77 crore, reflecting persistent margin compression.

Environmental and Social Impacts

Sustainability Initiatives and Achievements

SJVN Limited maintains ISO 14001 certification for its , ensuring systematic approaches to minimizing ecological impacts across its hydroelectric operations. The company implements comprehensive environmental management plans for each project, including biodiversity conservation, silt management, and greenhouse gas emission reductions to address challenges associated with operations. In (CSR) efforts, SJVN allocates resources to initiatives, such as drives under the "#एक पेड़ मां के नाम" campaign in , promoting and community involvement in . Recent projects include a ₹36 investment at the Nathpa Jhakri Hydroelectric Power Station for green initiatives like temple renovation integrated with eco-friendly practices, adoption, and large-scale to enhance local . Additionally, SJVN signed a in October 2024 to advance rural green projects focused on environmental conservation and deployment. SJVN has received recognition for its practices, including the Greentech International Environment, & Best Practices Award in 2023 for exemplary EHS performance in power sector operations. In 2024, it earned first prize in the Swachhta Pakhwada Awards from the Ministry of Power for outstanding cleanliness and efforts, followed by second prize in 2025, highlighting consistent commitment to and eco-friendly workplace practices. The company also secured awards at the 15th CIDC Vishwakarma Awards 2024 for excellence in , , and environmental management. These achievements underscore SJVN's integration of into core hydroelectric activities, with CSR programs impacting over 100,000 lives in 2023 through environment-linked interventions.

Criticisms Regarding Ecological and Community Effects

Criticisms of SJVN's hydroelectric projects have centered on their potential to exacerbate geological instability in the fragile Himalayan ecosystem, including increased risks of and . For instance, in the Rampur Hydropower Project (412 MW, commissioned in 2012), local communities reported heightened dust and landslide susceptibility due to activities, which critics argued undermined the project's environmental safeguards despite World Bank oversight. Similarly, protests in against SJVN's proposed Jangi Thopan Stand Alone Hydroelectric Project (840 MW) highlighted how blasting and tunneling contributed to the 2021 Nigulsari , which killed 22 people and damaged , with residents attributing such events to cumulative hydro development destabilizing slopes. These concerns were echoed in broader analyses linking Himalayan hydro projects, including SJVN's, to debris flows and riverbed aggradation, as seen in upstream contributions to downstream flooding in . Ecological critiques also target disruptions to aquatic habitats and . The Luhri Stage-I Project (210 MW, under construction on the River) faced opposition from environmental activists and locals over its potential to fragment the river's last free-flowing stretch, impairing (e.g., for species like ) and altering downstream through reduced flows and reservoir-induced . Green groups argued that the initial design's 38-km tunnel would amplify these effects, though redesigns dropping the tunnel followed protests; critics maintained that even surface run-of-river schemes fail to mitigate cumulative basin-wide impacts like habitat loss in a region already stressed by multiple dams. The World Bank's withdrawal of USD 650 million funding in 2014 for Luhri cited unresolved environmental risks, reinforcing doubts about the project's ecological viability. On community effects, SJVN projects have displaced hundreds of families, raising questions about rehabilitation adequacy and livelihood restoration. The Nathpa Jhakri Hydroelectric Project (1,500 MW, operational since 2004) submerged lands affecting 480 families, with reports indicating overlooked social costs including loss of agricultural and pastoral resources in tribal areas. A 2023 sociological study of SJVN-affected families in and districts documented 187 households displaced across projects like Rampur and Luhri, noting persistent challenges in reintegration despite resettlement packages, such as inadequate compensation for intangible losses like cultural ties to riverine lands. In Luhri, residents rejected the 2019 , decrying insufficient consultation and threats to downstream from flow alterations, with protests demanding the stretch remain undammed to preserve community-dependent fisheries and . Kinnaur's tribal groups, opposing further SJVN expansions post-2021 landslides, emphasized gendered impacts—women bearing disproportionate burdens from disrupted water access and increased migration—alongside broader socio-economic marginalization in ecologically vulnerable zones. These oppositions, often led by groups like Sutlej Bachao Jan Sangharsh Samiti, have forced project halts or modifications, underscoring tensions between energy goals and local resilience.

Strategic Outlook and Recent Developments

Expansion Plans

SJVN Limited's expansion emphasizes rapid capacity addition across hydroelectric, renewable, and sectors to achieve 25 GW of installed capacity by 2030, building on its current operational base of approximately 2,466.5 MW. This includes plans for 12 GW of new installations within the next two years, with a longer-term target of 50 GW through diversification into solar, wind, pumped storage, and hybrid projects alongside core hydro assets. In hydroelectric development, the 3,097 MW Etalin Hydro Electric Project in advanced with groundbreaking in 2024, positioning it as one of SJVN's largest upcoming hydro initiatives. The company has also secured agreements for the 1,800 MW Kotpali Hydro Electric Project in , enhancing its footprint in . Thermal expansion centers on the in , where SJVN intends to add 800 MW to the 1,320 MW units currently under construction, marking its strategic entry into coal-based generation to balance intermittent renewables. Renewable efforts, led by subsidiary SJVN Green Energy Limited, feature the 1,000 MW Solar Project in , which reached 629.9 MW commissioned capacity by October 1, 2025, with the remaining modules expected to achieve full operation shortly thereafter. Further solar development encompasses 1,352 MW of projects requiring an investment of Rs. 7,436 , as approved in early 2024. SJVN has issued tenders for 600 MW of interstate transmission system-connected projects, with bidding concluded by October 20, 2025, and supports hybrid renewables through approvals for 1,200 MW with battery storage, expandable to 2,400 MW via a mechanism.

Key 2024-2025 Milestones

In February 2024, SJVN commissioned the 50 MW Gujrai Station in through its subsidiary SJVN Green Energy Limited, executed at a cost of ₹281 . In August 2024, the company successfully commissioned its 90 MW Omkareshwar Floating Solar Project on the Omkareshwar Reservoir in , marking a significant addition to its renewable portfolio. Commercial operations for this project commenced on October 30, 2024. On August 30, 2024, SJVN attained Navratna status from the , recognizing its enhanced operational autonomy and financial strength as a undertaking. In September 2024, SJVN commissioned three additional projects alongside a pilot project, advancing its diversification into hybrid renewables. On December 1, 2024, the Nathpa Jhakri Hydroelectric (NJHPS), SJVN's flagship 1,500 MW facility, achieved its annual design energy target of 6,612 million units four months ahead of schedule for FY 2024-25. In March 2025, SJVN awarded contracts for 448 MW of capacity under a 1.2 GW round-the-clock tender, incorporating grid-connected projects with or without systems. By October 2025, SJVN Green Energy commissioned a 100 MW solar in , , bringing the subsidiary's total operational capacity to 501.02 MW out of a targeted 1,000 MW. On October 13, 2025, SJVN concluded an auction awarding 1,500 MW / 6,000 MWh of firm and dispatchable (FDRE) capacity with storage, securing peak power supply at tariffs of ₹6.74-₹6.75/kWh to developers including , Reliance, and ACME. In September 2025, SJVN received the second prize in the National Swachhta Pakhwada Awards-2025 from the Ministry of Power for excellence in cleanliness and environmental management.

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