Shimla: SJVN Ltd. is setting ambitious goals to achieve 50,000 MW of installed capacity by 2040, with a focus on green energy solutions. Chairman and Managing Director Sushil Sharma shared this during SJVN’s 36th Annual General Meeting (AGM) for the financial year 2023-24. The CMD highlighted the company’s strong growth trajectory and recent accomplishments, expressing gratitude for the unwavering support from stakeholders, which led to SJVN attaining the prestigious Navratna status on August 30, 2024.
Sharma emphasized that despite facing challenging hydrological conditions due to climate change, SJVN demonstrated resilience by generating 8,489 Million Units (MUs) from its hydro, solar, and wind power stations during FY 2023-24. The company set new records, including the highest-ever daily generation of 39.570 MUs by the 1500 MW Nathpa Jhakri Hydro Power Station (NJHPS) and 10.971 MUs by the 412 MW Rampur Hydro Power Station in July 2023. In August 2023, SJVN recorded its highest-ever monthly generation of 1,590.072 MUs across all operational projects, with Rampur HPS contributing 337.165 MUs during the same period.
Financially, the company reported a standalone revenue of ₹2,533.59 crore for FY 2023-24, with a Profit After Tax (PAT) of ₹908.40 crore. Shareholders received a dividend of ₹1.80 per share. SJVN’s stock performance surged by 426% between April 2023 and February 2024, reaching an all-time high of ₹170.50, and boosting the company’s market capitalization to ₹67,000 crore.
Sharma further shared that SJVN successfully commissioned four key projects during FY 2023-24: the 60 MW Naitwar Mori Hydro Power Station in Uttarakhand, the 75 MW Gurhah Solar Power Station and 50 MW Gujrai Solar Power Station in Uttar Pradesh, and the 100 MW Raghanesda Solar Power Station in Gujarat. Additionally, SJVN achieved the distinction of commissioning India’s first multi-purpose green hydrogen pilot project, paving the way for future green hydrogen production.
The company expanded its project portfolio to a record 56,802 MW, covering 89 projects and three transmission lines. Key achievements included the allotment of 5,097 MW hydro projects in Arunachal Pradesh and the 2,400 MW Darzo Lui Pumped Storage Project in Mizoram. SJVN also secured 16 renewable projects totaling 4,490 MW.
As the 4th Renewable Energy Implementing Agency (REIA), alongside SECI, NTPC, and NHPC, SJVN floated tenders for 17.1 GW of capacity, issuing letters of award for 8.2 GW. The company has signed Power Sale Agreements (PSAs) and Power Purchase Agreements (PPAs) for a cumulative capacity of 3.82 GW, with additional agreements expected soon.
In Corporate Social Responsibility (CSR) efforts, SJVN exceeded its statutory obligations, spending ₹45.96 crore in FY 2023-24. The company has consistently earned ‘Excellent’ ratings for compliance with corporate governance guidelines and was recognized as the Best Workplace in the Energy Sector by Great Place to Work, India. SJVN was ranked 25th in “Fortune India – The Next 500 Midsized Companies” and was upgraded to the Mid-Cap category by the Association of Mutual Funds in India. It also became the first Central Public Sector Enterprise (CPSE) in the power sector to receive Anti-Bribery Management System certification.
Looking ahead, Sushil Sharma outlined SJVN’s ambitious growth targets, with plans to achieve 25,000 MW by 2030 and 50,000 MW by 2040, focusing on hydro, renewable energy, and round-the-clock renewable energy solutions. The company aims to complete key ongoing projects, including the 1,320 MW Buxar Thermal Project and 10 solar projects with a combined capacity of 2,350 MW by FY 2024-25.
