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5 fundamental ANALYSIS SJVN Ltd HDFC securities 20 Click. Invest. Grow. YEARS state utilities, discoms, bulk consumers, etc in India on long-term basis and sell untied capacity to power exchanges on medium/short term basis. Other hydropower projects • • Naitwar Mori HEP (60 MW) run of the river HEP on river Tons in Uttarakhand. The project is expected to be commissioned by December 2022 and the power sold by this project shall qualify as Hydro Purchase Obligation (HPO). MOU has been signed with PTC to sell its power under various opportunities to state utilities, discoms and consumers. Luhri HEP Stage I (210 MW) on river Satluj in Himachal Pradesh. Foundation stone was laid on December 27, 2021 and financial closure was achieved on February 28, 2022. The project is expected to be commissioned in FY26. Dhaulasiddhi HEP (66 MW) on river Beas in Himachal Pradesh. Foundation stone was laid on December 27, 2021 and financial closure was achieved on April 18, 2022. The project is expected to be commissioned in FY26. Kholongchhu HEP (600 MW) on river Kholongchhu in Bhutan. SJVN and Druk Green Power Corporation (DGPC) were developing the project in JV mode. However, due to the slow pace of execution and delay in decision-making, the Bhutanese side have recommended closure of JV. The matter is being discussed on a ministerial level between India and Bhutan. Renewables 4 solar power projects with 1195 MW capacity are under construction. Tariff Expected Commissioning December 2022 Name Bagodra Solar Power Project Gurhah Solar Power Project Capacity 70 MW 75 MW Rs. 2.21/unit Rs. 2.98/unit Gujrai Solar Power Project Solar Project under CPSU Scheme 50 MW 1000 MW Rs. 2.98/unit Rs. 2.45/unit May 2023 May 2023 May 2024 Additionally, 11 projects with 1878 MW capacity are under Investment approval and Pre-Construction stage and 12 projects of 4538 MW are in Survey and Investigation stage. The Ministry of Power has also identified 5 hydro projects of 5097 MW in Dibang basin of Arunachal Pradesh for allocation to SJVN. Further, 10 Pumped storage projects having estimated capacity of 13950 MW have been identified for allocation by the ministry. With the central and state governments, trying to expedite approvals and management vision of having installed capacity of 25000 MW by 2030, SJVN's growth potential is visible for the next 8 - 10 years. FRETAILRES RETAILRESEARCH

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