Here are the key highlights from the transcript:

1. New Solar Project Foundation: The Prime Minister laid the foundation stone for SJVN’s 100 MW Nava Solar Power Project in Rajasthan, expected to generate 254 million units annually at a tariff of ₹2.62 per unit.
2. Operational Milestones:

• Commissioned the second phase (78 MW) of the 320 MW Bikan Solar Power Project, with total capacity now at 320 MW; full 1000 MW expected to be operational by October 2025.
• Achieved commercial operation of the 320 MW Bikan Solar Power Project.
• Signed a PPA with Damodar Valley Corporation for 210 MW of the Luri Hydroelectric Project.
• Progress on the 660 MW Buxar Thermal Plant, with unit 1 synchronized and expected to be operational by July 15, 2025.
• Started electromechanical activities for the 900 MW Arun-3 Hydroelectric Project in Nepal.

1. Project Developments & Expansions:

• Signed an MoU with the Chhattisgarh government for a 3959 million units closed-loop pump storage plant.
• Progress on the Italian Hydroelectric Project in Arunachal Pradesh, with key statutory approvals (forest clearance, environment clearance, land acquisition) underway, expected by September-October 2025.
• Land acquisition for Italian project nearing completion; around ₹270 crore paid for land.

1. Power Generation Performance:

• Total generation in FY25 was 10,647 million units, a 25.44% increase YoY.
• Key plants like Nakqua Jagi and Rampur showed significant YoY growth.

1. Project Portfolio & Capacity Additions:

• 13 operational projects with a combined capacity of 2786.5 MW.
• Under construction: 4 hydro projects (1558 MW), 1 thermal (1320 MW), 11 solar projects (1773 MW), totaling 4601 MW.
• Capacity addition targets for FY26-27: approximately 5315 MW, including 1320 MW thermal and 3675 MW renewable.

1. Renewable Energy Initiatives:

• Selected as a pivotal agency for the PM Suryamitra Vijay Yojana, aiming to provide free electricity to 1 crore households.
• Responsible for installing rooftop solar on 18 government ministries.
• Tenders floated for 7.5 GW; awards issued for 2.4 GW.
• Recognized with the CBIP award for best maintained hydro project (Nakqua Jagi).

1. Future Projects & Tenders:

• Significant tendering activity under the RIA mode, with 12.7 GW awarded and signed PPAs for 5.2 GW.
• Expected commissioning of ~2,000 MW solar projects and ~500 MW thermal projects in FY26.
• Ambitious pipeline for pump storage projects, with construction expected to start around 2027.

1. Financial & Operational Highlights:

• Depreciation doubled due to impairment provisions (₹143 crore) related to certain projects.
• Other income declined ~50% due to deployment of capital in under-construction projects.
• Capex for FY25 was around ₹7,800 crore; guidance for FY26 is ₹8,300 crore, and for FY27 around ₹12,000 crore.
• Revenue from operations primarily from power sales, with a focus on renewable projects backed by PPAs.

1. Impairment & Accounting:

• Impairment provisions taken for solar assets due to lower PLF and actual energy generation, which can be reversed if conditions improve.

1. Management Outlook:
   • The company remains on track to meet its capacity addition targets and operational milestones.
   • Focused on expanding renewable capacity, with a strong pipeline of projects and tenders.
   • Emphasis on operational excellence and strategic project development aligned with government policies.

These highlights encapsulate the company’s recent achievements, ongoing projects, future plans, and financial outlook as discussed during the conference call.

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