By Srijan Naayak
SJVN Restricted has just lately garnered consideration as its inventory witnessed important development in the course of the previous 12 months. As accessed on January 19, 2024, its inventory recorded a 52-week excessive of 107.33 and a 52-week low of 30.39. On January 19, 2024, the inventory closed at 105.52, which is a 247.21 per cent improve over the 52-week low. This spectacular development demÂaÂnds an in depth assessment of the organisation’s initiatives within the renewable power area. Renewable Watch highlights SJVN’s portfolio, current monetary efficiency, key developments and future plans…
Portfolio
Based on SJVN’s Annual Report 2022-23 and up to date press releases, its whole power portfolio stands at roughly 55.81 GW capability, of which 36.7 GW is beneath allotment, 9.4 GW is beneath survey and investigation (S&I), 3.19 GW is beneath pre-construction, 4.3 GW is beneath development and a couple of.23 GW is operational. The corporate’s renewable power portfolio is 25.66 GW, which incorporates 1.43 GW, 2.48 GW, 0.5 GW, and 21 GW is on the development, pre-construction, S&I and allotment phases respectively. The under-construction portfolio contains 1,558 MW hydropower, 1,320 MW thermal and 1,425 MW renewable power tasks. Of the entire operational capability, 1,972 MW is hydro and 254.5 MW is renewable power. The operational renewable power capability consists of three photo voltaic and two wind energy tasks. These embrace:
- A 5.6 MW undertaking situated on the Charanka Photo voltaic Park on 25.96 acres of land. It was commissioned in March 2017 and the PPA was with Gujarat Urja Vikas Nigam Restricted (GUVNL).
- A 47.6 MW wind undertaking at Khirwire and Kombhalne villages of Ahmednagar, Maharashtra. It contains 56 wind power mills (WEGs) having a rated capability of 0.85 MW every. It was commissioned in Might 2014.
- A 50 MW wind undertaking, comprising 25 WEGs every of two MW capability at Sadla, Gujarat, which grew to become operational in April 2019. The PPA for the undertaking was signed with GUVNL.
- A 75 MW photo voltaic park undertaking at Parasan in Uttar Pradesh. The undertaking was commissioned in November 2022. The PPA for the undertaking was signed with UPPCL at a tariff of Rs 2.68 per unit.
- A 75 MW solar energy undertaking at Gurhah, which was commissioned in December 2023. It has been developed on 151.64 hectares of land at a price of Rs 4.08 billion. The PPA for the undertaking was signed with UPPCL.
Monetary efficiency
Based on the most recent second quarter (Q2) monetary report (consolidated outcomes), SJVN’s whole earnings elevated by 3.82 per cent from Rs 9.16 billion in Q2 FY 2023 to Rs 9.51 billion in Q2 FY 24. Throughout the identical interval, the entire expenditure of SJVN elevated by 2.84 per cent from Rs 3.87 billion to Rs 3.98 billion. Its finance, depreciation, amortisation and different bills accounted for almost 81 per cent of the rise in whole expenditure. In the meantime, in Q2 FY 2024, the corporate recorded a revenue of Rs 5.5 billion earlier than distinctive gadgets. This consists of internet motion in regulatory deferral account balances and the share of internet revenue from joint ventures.
The corporate’s whole earnings within the six months April 2023-September 2023 was Rs 16.9 billion, witnessing a lower from the Rs 19.8 billion recorded throughout April 2022-September 2022. The full bills additionally decreased from Rs 8.08 billion to Rs 7.6 billion throughout the identical six-month interval. In the meantime, for a similar interval, the corporate’s revenue earlier than distinctive gadgets and the web motion in regulatory deferral account balances, together with share of internet revenue of joint ventures, sharply decreased by over 20.69 per cent from Rs 11.79 billion to Rs 9.35 billion.
Based on SJVN’s Annual Report 2022-23, its whole income elevated by 13.4 per cent from Rs 29.09 billion in FY 2018-19 to Rs 32.99 billion in FY 2022-23.
SJVN generated 59.05 million items (MUs) of wind energy in Q2 FY 2024 in comparison with 49.04 MUs in Q2 FY 2023. In the meantime, the corporate’s solar energy era elevated from 1.48 MUs in Q2 FY 2023 to 1.68 MUs in Q2 FY 2024. Moreover, the gross power generated from hydropower tasks decreased from 4,277.21 MUs in Q2 FY 2023 to 4,142.6 MUs in Q2 FY 2024.
Latest key developments
With respect to the awards gained, in July 2023, SJVN obtained a letter of intent (LoI) for the implementation of 1.2 GW solar energy tasks from Punjab State Energy Company Restricted. It additionally obtained a letter of award (LoA) for the implementation of 320 MW grid-connected solar energy in Assam by Assam Energy Distribution Firm Restricted (APDCL) in August 2023. In the identical month, it gained 90 MW capability by quoting a tariff of Rs 3.79 per kWh beneath Part II of the 600 MW Omkareshwar floating solar energy undertaking. Moreover, in 2023 the corporate obtained an LoI for the implementation of a complete of 18 MW grid-connected solar energy tasks. These tasks might be unfold throughout 4 places, masking the jurisdictions of the Bhakra Beas Administration Board in Punjab and Himachal Pradesh. SJVN obtained one other LoA for a 100 MW solar energy undertaking from Rajasthan Urja Vikas Nigam Restricted (RUVNL) in October 2023. Throughout the identical month, it additionally obtained an LoI from Jammu and Kashmir Energy Company Restricted and RUVNL to acquire photo voltaic from the 1,000 MW Bikaner solar energy undertaking in Rajasthan.
In November 2023, the corporate awarded contracts for its 1.5 GW renewable power with power storage methods tender to seven corporations. These embrace ACME Photo voltaic, Juniper Inexperienced Vitality Non-public Restricted, and Tata Energy Firm Restricted with 250 MW, 200 MW and 200 MW at a tariff of Rs 4.38 per kWh, whereas ReNew Energy, BluPine Vitality Non-public Restricted, Hero Photo voltaic, and O2 Energy Non-public Restricted gained bids for 184 MW, 150 MW, 120 MW and 80 MW, respectively, at a tariff of Rs 4.39 per kWh.
In September and November 2023, SJVN invited bids for establishing 1.5 GW wind-solar hybrid energy tasks and 1.5 GW solar energy tasks respectively. As well as, it invited bids for the event of a 300 MW wind energy tasks, which it gained beneath Photo voltaic Vitality Company of India Restricted’s 1.2 GW Tranche XIII and Tranche XIV auctions in November 2023.
Aside from the awards and biddings, in December 2023, SJVN commissioned the 60 MW Naitwar Mori hydro electrical undertaking in Uttarkashi, Uttarakhand, and the 75 MW Gurhah solar energy undertaking in Jalaun, Uttar Pradesh. In July 2023, the corporate signed a PPA for 200 MW photo voltaic and 100 MW wind capacities that it gained beneath Maharashtra State Electrical energy Distribution Firm Restricted’s 500 MW grid-connected photo voltaic PV undertaking (Part VII) and 1,200 MW interstate transmission system-connected wind energy undertaking (Tranche XIII) respectively. In the identical month, the Arunachal Pradesh authorities allotted 5 hydroelectric tasks in Dibang Valley district of the state to the corporate. The tasks are Amulni (420 MW), Emini (500 MW), Mihundon (400 MW), Attulni (680 MW) and Etalin (3,097 MW).
Future plans
SJVN plans to put in a complete capability of 12 GW within the subsequent two years because it progresses in direction of its imaginative and prescient of attaining 25 GW capability by 2030 and 50 GW capability by 2040. It additionally goals so as to add 1-1.5 GW of renewable capability yearly. Moreover, it has bold plans to enter rising segments corresponding to round the clock (RTC) energy, inexperienced hydrogen and inexperienced ammonia. To this finish, SJVN has signed MoUs with Oil and Pure Fuel Company Restricted and Sambhar Salts Restricted for the joint growth of renewable power tasks. These embrace offshore and onshore photo voltaic, wind, hybrid and RTC tasks, together with plans to enterprise into new applied sciences corresponding to inexperienced hydrogen and inexperienced ammonia. Bearing in mind its future plans, SJVN Restricted has signed a three way partnership settlement with Maharashtra State Energy Era Firm Restricted and APDCL to develop over 5 GW of renewable power tasks in Maharashtra and 1 GW in Assam.
With these sturdy plans, a considerable pipeline of tasks, and a monitor file of robust operational efficiency, SJVN is poised to emerge as a number one PSU within the power area.
