New Delhi: SJVN Limited has revealed that approximately 10 GW of renewable energy (RE) capacity awarded by the company remains without signed Power Purchase Agreements (PPAs) or Power Sale Agreements (PSAs). Speaking during the post-results call for the September quarter, Bhupender Gupta, Chairman and Managing Director (CMD) of SJVN, said the company has floated tenders for 19.8 GW of projects, issued Letters of Award (LOAs) for 13.74 GW, and signed agreements for 3.74 GW so far. Another 3.75 GW is expected to be tied up in the next two months.
Grid Constraints Pose Major Challenge
Gupta highlighted grid connectivity issues as the primary hurdle. “There are transmission line shortages, and because of that, power is not getting evacuated even for commissioned plants,” he said. Connectivity delays—sometimes stretching to 28–31 days—have impacted the company’s ability to meet commissioning targets for several solar projects. SJVN is currently in consultations with the Ministry of Power, Ministry of New and Renewable Energy (MNRE), and project bidders to determine the way forward for projects with issued LOAs but unsigned agreements.
The MNRE recently allowed the potential cancellation of renewable energy project LOAs that show minimal or no progress toward PPAs/PSAs, following case-by-case due diligence.
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Upcoming Renewable Energy Additions
SJVN currently operates 13 projects with a total capacity of 3,146 MW. The company plans to commission around 1.5 GW of solar projects by FY27. In the current financial year, SJVN expects to add approximately 650 MW of solar capacity across multiple states, including Rajasthan (Bikaner: 320 MW, Nawa: 100 MW), Bihar (Jamui: 75 MW), Assam (120 MW), and Gujarat (Bagodara: 35 MW).
As a key Renewable Energy Implementing Agency (REIA), SJVN will also float a 1,250 MW battery energy storage tender for Haryana later this year, in addition to a 1,200 MW wind power tender already issued. The company is preparing a tariff-based competitive bidding tender for pumped storage projects as well.
Hydropower Expansion in Arunachal Pradesh and Nepal
SJVN is set to begin construction of the 3,097 MW Etalin Hydroelectric Project in Arunachal Pradesh next year. The project has received forest and environment clearance, and land acquisition is nearing completion, with around 70% of affected people having received compensation. The 688 MW Attunli project in Arunachal Pradesh is expected to move to the construction stage by the end of FY26-27.
Additionally, SJVN plans to start two major hydropower projects in Nepal—the 680 MW Lower Arun and the 900 MW Upper Karnali—in Q1 FY27. Gupta emphasized the strong commercial viability of these projects, noting their attractive tariffs and smooth power sale prospects.
Rooftop Solar under PM-Surya Ghar Scheme
Under the PM-Surya Ghar: Muft Bijli Yojana, SJVN is installing rooftop solar systems on government buildings across Himachal Pradesh, Punjab, and Arunachal Pradesh. Vendor empanelment is complete, and execution is underway for a total of 21.1 MW capacity awarded so far.
Buxar Thermal Plant Nears Full Commissioning
SJVN’s 1,320 MW Buxar Thermal Power Plant is nearing full commissioning. Unit 1 (660 MW) has completed 72-hour full-load testing and is expected to be declared commercially operational within days. The second unit is anticipated to follow by January or February next year. Once fully operational, the plant will generate 9,826 million units annually, with 85% allocated to Bihar and the remainder supplied to the northeastern grid.
Financial Stability and Growth Outlook
Gupta reaffirmed SJVN’s strong financial position, emphasizing the company’s focus on completing under-construction projects to accelerate revenue generation. “We don’t foresee any challenges regarding finances or debt servicing,” he said. “Everything is on track, and we will grow every year with better revenue, better profit, and better capacity addition.”
About SJVN
SJVN Ltd. is a public sector undertaking (PSU) under the Ministry of Power, Government of India. Established in 1988, SJVN is primarily engaged in the development of hydropower, thermal power, and renewable energy projects. The company plays a vital role in strengthening India’s power infrastructure, with a focus on sustainable energy generation. SJVN operates several power plants across India and has a significant portfolio of upcoming projects aimed at increasing the country’s energy capacity.
