SJVN Signs PPAs With GUVNL for Himachal Hydropower

03 Jul 2026 CW Team

SJVN Ltd has signed power purchase agreements with Gujarat Urja Vikas Nigam Limited for the supply of green power from upcoming hydroelectric projects in Himachal Pradesh. The agreements cover Dhaulasidh HEP of 66 megawatt (MW), Luhri Stage-I HEP of 210 MW and Sunni Dam HEP of 382 MW.

The PPAs were signed at Vadodara by Aman Katoch, general manager (C&SO) of SJVN, and Sanjay Mathur, general manager (Commerce) of GUVNL, in the presence of senior officials. The company said the arrangements are intended to secure long-term sales of renewable hydroelectric generation and to strengthen its portfolio with major utilities.

In the fourth quarter SJVN reported a net loss of Rs1.178 billion (bn) compared with a net loss of Rs1.277 bn in the year-ago period, while revenue rose to Rs14.965 bn from Rs5.044 bn. The surge in revenue was attributed to commissioning of new projects, including the Buxar thermal project and additional solar capacity.

The company noted that a tariff petition has been filed with the Central Electricity Regulatory Commission and that interim or final tariff orders are pending, while provisional sales of Rs3.9603 bn and Rs5.2078 bn were recognised for the quarter based on tariff regulations and management estimates. SJVN also commissioned the 1,000 MW Bikaner Solar Power Plant and the 70 MW Dhubri Solar Power Plant in phases and recognised revenue from operations of Rs1.11 bn and Rs2.5432 bn respectively.

Earnings before interest, tax, depreciation and amortisation for the quarter stood at Rs9.096 bn, up from Rs2.308 bn a year earlier, and the EBITDA margin expanded to 60.8 per cent from 47.7 per cent. Shares of SJVN ended at Rs71.90, down by Rs0.20 or zero point two eight per cent on the BSE, and the company said the PPAs and recent commissioning support its aim to scale renewable output and secure steady long-term cash flows.

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