State-owned power producer SJVN Ltd has signed Power Purchase Agreements (PPAs) with Gujarat Urja Vikas Nigam Limited (GUVNL) for the supply of green power from upcoming hydroelectric projects in Himachal Pradesh. According to reports from CNBC TV18, the agreements cover power supply from three projects: 66 MW Dhaulasidh HEP, 210 MW Luhri Stage-I HEP, and 382 MW Sunni Dam HEP. The PPAs were signed at Vadodara, Gujarat, by Aman Katoch, General Manager (C&SO), SJVN, and Sanjay Mathur, General Manager (Commerce), GUVNL, in the presence of senior officials from both organisations. Speaking on the occasion, SJVN Chairman and Managing Director Bhupender Gupta stated that the agreements mark another important milestone in the company's strategy to secure long-term power sale arrangements with leading utilities across the country. The move is expected to provide greater revenue visibility for SJVN while ensuring a reliable supply of clean and renewable hydropower to Gujarat.
The company reported a net loss of ₹117.8 crore, compared to a net loss of ₹127.7 crore during the same quarter last year. Revenue for the period nearly tripled from last year to ₹1,496.5 crore, compared to ₹504.4 crore in the year-ago period. As reported by CNBC TV18, the surge in revenue is largely attributed to the commissioning of new projects, specifically the Buxar Thermal Power Project and various solar projects. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹909.6 crore, from ₹230.8 crore last year, with EBITDA margin improving to 60.8% from 47.7% last year.
The company also commissioned the 1,000 MW Bikaner Solar Power Plant and 70 MW Dhubri Solar Power Plant of SJVN Green Energy, in phases. According to CNBC TV18, as a result, they have recognised revenue from operations worth ₹111 crore and ₹254.32 crore respectively on account of energy generated from these projects. The company clarified in its notes to accounts that while the tariff petition has been filed with the CERC, pending the interim or final tariff order, an amount of ₹396.03 crore and ₹520.78 crore has been provisionally recognised as sales for the quarter, based on the CERC tariff regulations and management estimates.
According to CNBC TV18, these agreements strengthen SJVN's portfolio of long-term power sale arrangements with leading power utilities across the country and reinforce its position as a key contributor to India's transition towards a cleaner, greener and more resilient energy future. The agreements also reinforce SJVN's growing position as a key contributor to India's ambitious energy transition goals. Hydropower continues to play a critical role in supporting grid stability and balancing the increasing share of solar and wind energy in the national power mix. With a strong pipeline of renewable and hydro projects under development, SJVN continues to expand its footprint in India's rapidly evolving energy sector and remains committed to supporting the country's vision of sustainable and energy-secure growth.
