The SJVN Ltd (formerly Satluj Jal Vidyut Nigam Limited) was incorporated in 1988 as a joint venture of the central government and the Himachal Pradesh government to plan, execute, operate and maintain hydro-electric power projects. Its chairman and managing director RP Singh spoke to Hindustan Times on a range of issues. Excerpts:
What is the most notable achievement of the organisation in the recent past?
During the year 2010-11, a record 7140.205 million units (MUs) of power was generated as compared to the previous year’s generation of 7018.81 MUs. The design energy for the Nathpa Jhakri Hydro Power Station is 6612 MUs. Plant availability factor was 97.996% which has since been revised to 98.318% in June 2011.
How has the company’s performance been this year?
The company continues to establish new benchmarks in power generation during the current financial year too. During the period April to September 2011 the power stations generated a record 5876.08 MUs of electricity surpassing the targets by 743 MUs and is also 850 MU more than the same period of last year. The generation during the financial year, up to October 31, 2011 is 6398 MU. The plant availability factor during the period also peaked at 103% against 98% in the last fiscal year.
Can you elaborate on the schedule for commissioning the ongoing projects projects?
SJVN is currently executing Rampur Hydro Electric Project (412 MW) on river Satluj in Himachal Pradesh and the project is likely to be commissioned by September 2013.
All other allocated projects are under various stages of survey investigation. These include three hydro power projects — 252 MW Devsari, 60 MW Naitwar Mori and 51 MW Jakhol Sankri
hydroelectric projects in Uttarakhand, 775 MW Luhri and 66 MW Dhaulasidh hydroelectric projects in Himachal Pradesh, 900 MW Arun III hydroelectric project in Nepal, 650 Kholongchu and 600 MW Wangchu hydroelectric projects in Bhutan. SJVN is also exploring to venture into the field of wind power with an initial capacity of 50 MW.
How is the company funding these projects?
For divesting a part of the equity held by Centre, SJVN had come out with an initial public offering (IPO) during May 2010 which was over-subscribed 6.64 times. Currently, the centre holds 64.46%, the Himachal Pradesh government holds 25.51%, and public holds 10.03% stake in the company.
SJVN has sufficient reserves and sound funding plan for the execution of the projects in hand and for future projects from internal resources besides loans from international and domestic banks and has offers of funding tie ups with the World Bank and other agencies.
What international projects are the company executing?
In pursuit of expansion of the corporation in neighboring countries, a memorandum of understanding was signed with the government of Nepal in March, 2008 for development of 900 MW Arun-III hydro-electric project which was bagged by SJVN through a global competitive bidding. SJVN was also allocated two hydro electric projects in Bhutan for preparation of DPR by the ministry of power. These are the 600 MW Kholongchu hydroelectric project, and 600 MW Wangchu hydroelectric project.