SJVN PPAs and JVs build 8,778 MW pipeline by 2028

A cluster of announcements around SJVN’s growth pipeline

State-owned power producer SJVN Ltd has reported a series of project and contracting updates across hydro, solar and wind segments, spanning India and Nepal. The disclosures include long-term power sale and purchase agreements, joint venture approvals from the finance ministry, and statutory clearances for large hydro detailed project reports. The common theme is offtake visibility through signed PPAs and PSAs and a push to expand execution capacity through partnerships. Several of the projects cited have commissioning timelines extending to 2025 and December 2028, indicating a multi-year build-out.

25-year PPA with GUVNL: cost and generation details

SJVN said a Power Purchase Agreement (PPA) has been signed with Gujarat Urja Vikas Nigam Limited (GUVNL) for 25 years for a project whose construction and development cost is stated at Rs 642 crore. The project is expected to generate 252.3 million units (MUs) in the first year. Over the full 25-year period, the project is projected to generate 5,805 MU of solar power. The company’s disclosure highlights generation estimates and contract duration, which are key for evaluating cash flow visibility in renewable assets.

Solar expansion in Gujarat: 200 MW LOI and tariff outcome

SJVN Green Energy Limited (SGEL), the renewable energy arm of SJVN, received a Letter of Intent (LOI) from GUVNL for execution of a 200 MW solar project under GUVNL Phase XXIII. The project was earlier secured through tariff-based competitive bidding at a tariff of Rs 2.66 per unit on a Build Own and Operate (BOO) basis, following an electronic reverse auction conducted by GUVNL on March 2, 2024. The tentative construction and development cost is Rs 1,100 crore. The project is planned at the Gujarat State Electricity Corporation Limited (GSECL) solar park at Khavda in Kachchh district. SJVN said the PPA will be executed after tariff adoption by the Gujarat Electricity Regulatory Commission (GERC), and the project is to be commissioned within 18 months from the date of signing of the PPA.

Another Khavda solar award: 500 MW with a November 2025 target

In a separate update, SGEL received an LOI from GUVNL for a 500 MW solar project, with a tentative cost of Rs 2,700 crore. This project is to be developed at the GIPCL Solar Park at Khavda, Gujarat. The commissioning timeline stated is 18 months, or by November 2025. SJVN said the project is expected to generate 1,271.07 million units in the first year after commissioning, with cumulative generation of about 29,245.40 million units over 25 years. The company also stated that commissioning is expected to reduce 1,433,025 tonnes of carbon emissions.

Wind contract with SECI: 200 MW grid-connected project

SJVN said it has signed a power purchase agreement for a 200 MW grid-connected wind power project with Solar Energy Corporation of India Ltd (SECI). The update was shared by SJVN Chairman and Managing Director Nand Lal Sharma. While the announcement does not provide cost or commissioning dates, it adds another long-term offtake-linked renewable contract to the company’s portfolio.

Hydro offtake: PSA and PPAs with UPPCL and an NDMC tie-up

SJVN said it signed a Power Sale Agreement (PSA) with Uttar Pradesh Power Corporation Limited (UPPCL) for supply of power from its 900 MW Arun-III Hydro Electric Project. Alongside the PSA, the company also signed PPAs with UPPCL for supply of power from two upcoming Himachal Pradesh hydro projects: 210 MW Luhri Stage-I and 382 MW Sunni Dam Hydro Electric Project (HEP). Both projects are under construction on the river Satluj in Himachal Pradesh. The company stated these two domestic projects are expected to be commissioned by December 2028, and together they will add 592 MW to the national grid and generate approximately 2,140 MU annually. SJVN also signed a PPA with New Delhi Municipal Council (NDMC) for supply of power from its 382 MW Sunni Dam project.

Naitwar Mori hydro: first unit achieves commercial operations

SJVN reported operational progress at its 60 MW Naitwar Mori Hydro Electric Project (NMHEP) in Uttarakhand. The first unit of 30 MW capacity achieved its Commercial Operation Date (COD), as per the company’s statement. In another update, SJVN said it successfully synchronised the first unit of the 60 MW (30 MW x 2) project with the national grid. The milestone is an execution marker because commissioning and COD define when generation can begin contributing to contracted supply and revenues.

CEA clears DPRs for Etalin and Attunli, validity also extended

SJVN said the Central Electricity Authority (CEA) has given approval for the company’s detailed project reports (DPRs) for two hydro projects worth around Rs 40,000 crore. The Etalin hydroelectric power project is of 3,097 MW and the Attunli HEP is of 680 MW. The company said the CEA transferred concurrences of both DPRs in favour of SJVN and also extended the validity of the concurrences. Separately, SJVN noted that a Memorandum of Agreement (MoA) was signed with the Arunachal Pradesh government in August 2023 for executing five hydro power projects, and that the DPRs of these projects are under the process of revalidation from the CEA.

Finance ministry permission for four JVs totaling 8,778 MW

SJVN said it received the finance ministry’s permission to form four joint venture firms for development of hydro and renewable projects with a total capacity of 8,778 MW in India and Nepal. The Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, Government of India, agreed to the proposal of SJVN and the Ministry of Power to form the four JV companies. SJVN will be the leading partner in three JVs, while its wholly-owned subsidiary SGEL will be the leading partner in the fourth JV. One identified partnership is a JV with Maharashtra State Power Generation Company Ltd to develop 5,000 MW renewable energy projects.

Other project and financing disclosures cited by the company

SJVN also disclosed financial closure for a Himachal Pradesh project by signing a loan agreement of Rs 494 crore with Himachal Pradesh State Co-Operative Bank for development of the 66 MW Dhaulasidh REP (DSHEP) in Hamirpur and Kangra districts. In another item, SJVN said it secured a 100 MW grid-connected solar power project in Gujarat through tariff-based competitive bidding conducted by GUVNL on March 17, 2022. The company has also referenced that a PPA shall be executed with GUVNL after adoption of tariff of Rs 2.54 per unit by GERC, in relation to a Gujarat solar award. Separate historical data points cited include a GUVNL PPA for 38 MW signed on January 30, 2018 and another for 12 MW signed on March 30, 2019, with the project commissioned on April 18, 2019 and 102.677 MU generated in FY 2021-22.

Key facts at a glance

Market impact and why the updates matter

Most of the disclosures centre on offtake certainty and the project pipeline. Long-duration PPAs and PSAs, such as the 25-year GUVNL arrangement and the UPPCL agreements, establish contracted demand and help frame expected generation volumes. The Gujarat solar LOIs provide explicit numbers on capex and projected generation for 200 MW and 500 MW assets, and include stated commissioning timelines of 18 months and a November 2025 target for the larger project. On the hydro side, the December 2028 commissioning target for Luhri Stage-I and Sunni Dam sets a long lead time, but the stated annual generation of about 2,140 MU gives a clear output marker. Statutory and procedural milestones, such as CEA concurrence on DPRs and DIPAM permission for joint ventures, indicate progress on approvals that typically precede execution and financing.

Conclusion

SJVN’s latest set of announcements covers contracting, approvals, commissioning milestones and partnership structures across solar, wind and hydro. The disclosures include signed PPAs and PSAs, LOIs with defined tariffs and costs for Gujarat solar capacity, and a finance ministry-backed JV framework for 8,778 MW across India and Nepal. Near-term watchpoints explicitly stated by the company include tariff adoption by GERC before PPA execution for certain Gujarat solar projects, and the commissioning timelines disclosed for November 2025 and December 2028 milestones.