SJVN Ltd

Dear Members,

Your Directors' are pleased to present the Thirty Seventh Directors' Report of the Company for the year ended 31st March, 2025 along with the Audited Statement of Accounts, Report of Auditors and Comments of the Comptroller and Auditor General of India.

The following financial highlights for the year ended 31st March 2025 briefly encapsulate the performance of your company

1. FINANCIAL HIGHLIGHTS (Rs in crore)

PARTICULARS	Standalone		Consolidated
	2024-25	2023-24	2024-25	2023-24
REVENUE
Revenue from Operations	2897.25	2533.59	3072.01	2579.37
Other Income	355.19	299.97	304.49	297.59
Total Revenue	3252.44	2833.56	3376.50	2876.96
EXPENSES
Purchase of Electricity for T rading	75.16	39.98	75.16	39.98
Employee Benefits Expense	304.61	299.29	304.88	295.78
Finance Costs	726.48	478.78	743.37	482.22
Depreciation, Amortisation & Impairment Expense	454.49	534.11	676.21	557.14
Other Expenses	395.60	386.17	470.89	401.63
Total Expenses	1956.34	1738.33	2270.51	1776.75
Profit before exceptionalitems, net movement in regulatory deferral account balance and tax	1296.10	1095.23	1105.99	1100.21
Exceptional items		(78.85)		(78.85)
Profit before share in net profit of Joint Venture/associates, net movement in regulatory deferral account balance and tax	1296.10	1174.08	1105.99	1179.06
Share in Profit of Joint Venture/ Associates			5.70	4.19
Profit before net movement in regulatory deferral account balance and tax	1296.10	1174.08	1111.69	1183.25
Tax Expenses:
- Current Tax	226.46	199.50	226.80	201.75
- Tax expense pertaining to earlier years		2.05	(1.25)	2.05
- Deferred Tax	86.65	54.42	55.31	58.30
Profit before regulatory deferral account balances	982.99	918.11	830.83	921.15
Net movement in regulatory deferral account balances (net off tax)	(12.81)	(9.71)	(12.81)	(9.71)
Profit for the year	970.18	908.40	818.02	911.44
Other comprehensive Income/ (Expense) (Net of tax expense)	(10.99)	(4.51)	(11.03)	(4.55)
Total Comprehensive Income for the year	959.19	903.89	806.99	906.89

2. GENERATION

Gross Energy Generation from various operational plants of the Company, including subsidiaries during FY2024-25 is as under

(Million Units (MU)

Plant	Design Energy	2024-25	2023-24
Nathpa Jhakri HPS	6612	7421.453	6311.804
Rampur HPS	1878.08	2073.997	1778.058

Naitwar Mori HPS	265.5	316.410	41.515
Hydro Power	8755.58	9811.86	8131.377
Charanka SPS	7.5271	8.760	8.842
WadhalSPS	1.5	1.260	1.063
Parasan SPS	168.192	152.95	151.65
GurhahSPS	159.77	150.63	35.43
Gujrai SPS	106.51	96.47	9.53
RaghanesdaSPS	252.29	198.50	-
Omkareshwar Floating Solar Power Project	196.5	90.49	-
Bikaner Solar Power Project	2454.55		-
Solar Power	3346.8391	699.06	206.515
KhirvireWPS	85.65	46.239	49.529
Sadia WPP	120.05	89.375	101.465
Wind Power	205.7	135.614	150.994
Grand Total	12308.1191	10646.534	8488.886

Generation Records & Milestones achieved during FY 2024-25 include: -

1. SJVN has achieved highest ever Generation of 10647 MO from all Operational Projects.

2. NJHPS has achieved highest ever Quarterly generation of 3450.980 MO surpassing previous high of 3401.835 MU achieved in FY 2021-22.

3. NJHPS has achieved highest-ever monthly generation by generating a record-breaking 1222.170 million unitsduring July 2024.

4. NJHPS has achieved highest-ever single-day energy generation of 39.572 million units on 13.08.2024.

5. RHPS has achieved highest ever monthly generation of 292.331 MU during the month of September surpassing previous high of 290.409 MU achieved in Sep-22.

6. RHPS has achieved highest ever Quarterly generation of 955.616 MU surpassing previous high of 944.740 MU achieved in FY 2021-22.

7. RHPS has achieved highest-ever single-day energy generation of 11.023 million units on 27.07.2024.

8. NMHPS has achieved total generation of 316.40 MU during its first FY of Operation which is 51MU more than the design energy of 265.5 MU.

9. SJVN has achieved 15 days as total trade receivable as number of days of Revenue from Operation during FY 2024-25 which is best ever achievement in the history of SJVN.

3. REVENUEANDPROFITS

The standalone revenue from operation increased by <363.66 crore to <2897.25 crore during the financial year 2024-25 compared to <2533.59 crore during the previous year. The standalone Profit After Tax (PAT) increased by <61.78 crore to <970.18 crore against <908.40 crore for the previous year.

The Subsidiary companies are under construction except for five projects of SJVN Green Energy Limited (SGEL) of 275 MW and CPTC, (a Joint Venture company) which are in operation. Consolidation has resulted in decrease in profit of consolidated group by <152.16 crore (P.Y. increase of <3.04 crore) as compared to standalone financial statements mainly due to losses in Subsidiary Companies, partly offset by the inclusion of proportionate share of profit of CPTC.

4. TRANSFER TO RESERVES

During the year no amount was transferred to Reserves of the Company.

5. DIVIDEND

During the year, an interim dividend of <1.15 per share has been paid in the month of February 2025. In addition, your Board has recommended a final dividend of <0.31/- per Share. Thus, subject to your approval to final dividend, a total dividend of <1.46 per share (<573.76 crore) is proposed to be paid for FY 2024-25 against <1.8 per share (<707.37 crore) paid during the previous year.

6. PROGRESS OF PROJECTS (HYDRO &THERMAL)

The progress of the projects of the Company and its subsidiaries are as follows A) PROJECTS UNDER CONSTRUCTION

1. Arun-3 HEP (900 MW):

Arun-3 Hydro Electric Project (4 x 225 MW) is located on River Arun in District Sankhuwasabha of Eastern Nepal. The Project is run-of-the-river scheme with 4 hours peaking and is designed to generate 3924 MU energy annually in a 90% dependable year. SJVN bagged the Project through International Competitive Bidding. Memorandum of Understanding for the execution of this Project was signed with Government of Nepal (GoN) on 02.03.2008. The Project was allotted to SJVN on BOOT basis, to be operated by SJVN for 25 years after the commissioning and thereafter it will be handed over to the Government of Nepal. SJVN Arun-3 Power Development Company Pvt. Ltd (SAPDC) was registered on 25.04.2013 under Companies Act of Nepal, 2063 with an aim to plan, promote and execute the Project.

Techno-Economic approval of the Project was accorded by CEA, Government of India (Gol) on 09.06.2014. Project Development Agreement (PDA) was signed with Investment Board of Nepal (IBN), GoN on 25.11.2014. Financial Closure was achieved on 06.02.2020 for 6,333.48 Crores through consortium of five Indian and two Nepalese banks with SBI as the lead.

Environment Impact Assessment report of the Project was approved by Ministry of Science, Technology S Environment, GoN on 12.08.2015. Private land required for the Project has been registered in the name of SAPDC. Lease agreement for diversion of 96.97 ha forest land was signed on 23.08.2017 and for balance 26.25 ha land lease agreement was signed on 06.02.2018.

Government of India has accorded investment approvalfor the Generation component of the Project at an estimated cost of T5,723.72 Crores at May, 2015 price level. Government of Nepal has issued Generation license on 04.05.2018.

Hon'ble Prime Ministers of India and Nepal jointly laid the foundation stone of this Project on 11.05.2018. Major works of the Project are divided into four main packages which have already been awarded and the progress of works is discussed as under.

Civil Package- Cl comprising Civil Works in Dam complex area and 3.7 km Head Race Tunnel (HRT) was awarded to M/s Jaiprakash Associates Ltd. on 22.09.2017. Work is in progress at all the fronts. Diversion of River was completed on 01.02. 2O21.Dam excavation is 99% complete and concreting of dam blocks is in progress; 37% concreting has been completed so far. Excavation and concreting of intake structure and intake tunnels is complete. HRT excavation and concreting has been completed in Package-Ci.

Civil Package- C2 comprising Civil Works in Power House and 8.1 km Head Race Tunnel (HRT) was awarded on 19.03.2018 to M/s Patel Engineering Ltd. All access adits to HRT, Power House, Pressure Shafts, Machine Hall, Transformer Hall and Butterfly Valve House have been completed. Excavation of Machine Hall, Transformer Hall, Butterfly Valve House and Collection Gallery have also been completed. Excavation and concrete lining of surge shaft is complete. After completion of excavation of pressure shafts, erection of pressure shaft steel liners is in progress. Heading excavation of HRT is complete, benching excavation and concrete lining is in progress.

HM Package- C3 was awarded to M/s DM Metals Infra Projects Ltd. on 11.04.2018. Design and drawings of all major HM components approved. Fabrication of major components has been completed, supply and erection works are in progress. Work of balance pressure shaft steel liners awarded to M/S TEXMACO-SSFMPL(JV) and 95% of the materialfor steel liner has been supplied.

EM Package was awarded to M/s BHEL on 30.04.2018. Design and drawings of all major EM components has been approved and fabrication and supply of components is in progress. In Unit-1, barrel concreting is in progress and pit-free has been achieved for Unit-2. Spiral case erection and concreting is in progress in Unit-4 and Unit-3 respectively.

Construction Power Construction of 33 kV Transmission Line (46 km) for Construction Power has been completed, line charged and construction power made available at site.

Power Evacuation System of Arun-3 HEP: Power Evacuation system consists of 253 km long 400 kV DC Transmission Line from Diding (Project area) in Nepal through Dhalkebar to Sitamarhi Substation, India. Nepal portion of 217 km from Arun-3 Power House (Diding) to Bathnaha (Nepal Border) is being constructed by SAPDC. Government of India accorded investment approval amounting to Tl,236.13 Crores at June, 2017 price level on 08.03.2019 for the Nepal portion of Transmission Line to be constructed by SAPDC. Government of Nepal has issued T ransmission license on 12.02.2019.

Indian portion of Transmission Line from Bathnaha-Sitamarhi has been completed by PGCIL and charging upto border area as anti-theft measure has also been done.

MoU has been signed with PGCIL for Project Management consultancy for execution of T ransmission Line stretch in Nepal. Construction work is being carried out through five packages. 72% Tower foundations & 60% erection of Towers have been completed and balance work is in progress.

2. Buxar Thermal Power Project (1320 MW):

MOU was signed between SJVN, Bihar State Power Holding Company Limited and Bihar Power Infrastructure Company for the development of 1320 MW Thermal Power Project at village Chausa in District Buxar of Bihar on 17.01.2013. SJVN acquired the Project executing Company Buxar Bijlee Company Private Limited on 04.07.2013. The name of Buxar Bijlee Company Private Limited was changed to SJVN Thermal Private Limited (STPL), a wholly owned subsidiary company of SJVN Limited on 17.10.2013.

Investment approval for carrying out pre-construction activities of the Project amounting to 436.68 Crores was accorded by Gol on 26.05.2015. MoEF&CC accorded Environment Clearance on 28.02.2017. 1058.33-acre private land for Project components was transferred in the name of STPL on 12.12.2017. Consent to Establish (NOC) was granted by Bihar State Pollution Control Board on 03.09.2019.

CCEA accorded investment approval of Main Plant works on 08.03.2019, amounting to Rs.10,439.09 Crores. Foundation stone for the Project was laid by Hon'ble Prime Minister of India on 09.03.2019.

Main Plant works were awarded to M/s Larsen & Toubro Ltd. on 22.06.2019. As on date, the project has achieved 90% physical progress. Major construction milestones for Unit-I i.e. Hydro test & Steam Blowing for Boiler-I, Boxing-up of STG-1, readiness of ESP-I and Chimney works for Unit-1 have been completed. Unit-1 systems including Induced Draft Cooling Towers, Auxiliary Boiler, ESP-I, STG-I, DM Plant, Control Room, and associated structures are ready for synchronization. Structure erection works of Unit-ll systems including Boiler-ll, ESP-11, STG-II, etc are in progress. Hydro testing for Boiler-ll has been completed on 03.01.2025. Flue cans erection for Chimney of Unit-ll completed and borosilicate lining is in progress.

Coal arrangement: Long-term coal linkage has been tied up through CCL and Fuel Supply Agreement (FSA) has been signed. CCL has provided approval for release of 3,30,000 Ton of commissioning coal for Plant Commissioning activities (Unit#1) and MoU for the same has been signed on 22.02.2025.

For coal transportation, land acquisition for the original railway corridor faced resistance and is under adjudication in LARRA Court. An alternate coal transportation arrangement has been devised. Under alternate coal logistics, MoU with ECR (Danapur) has been signed for construction of Multi modal Gati Shakti Cargo terminal. Phase-I works of the Gati Shakti Cargo Terminal have been completed and Phase-ll works are underway by M/s RVNL.

Water Corridor Approval for alternate water arrangement has been received from Water Resource Department and Lease agreement for 35 years signed with Irrigation Depth, GoB. Pipe laying work has been completed for 9.4 km out of10.975 km total length of pipeline.

Power Evacuation: Power Purchase Agreement (PPA) for the Project was signed with Bihar State Electricity Board (later Bihar State Power Holding Company Limited, BSPHCL) for 85% share of Power at bus bar rate. PPA (supplementary agreement) signed with BSPHCL on 09.04.2021 for construction of Transmission Lines for Power evacuation. Transmission line works have been completed in all respects and Buxar-Naubatpur Line (400kV), 20KV Karmnasha Line#2, GIS 400 kV as well as 220 kV charged. Start-up power is available.

Project is anticipated to be commissioned in FY 2025-26.

3. Luhri HEP STAGE-1(210 MW):

Luhri Hydro Electric Project Stage-1 is a Run-of-the-River (RoR) scheme with installed capacity of 210 MW, located on river Satluj, near village Nirath spread over Shimla and Kullu Districts of Himachal Pradesh. The project will generate 758 MU of electric energy in a 90% dependable year. MOU for execution of the project was signed with Govt, of Himachal Pradesh on 25.09.2019.

Investment approval amounting to Rs. 1810.56 Cr for main works accorded on 20.11.2020 with completion period of 62 months from date of investment approval. Foundation stone laid by Hon'ble Prime Minister on 27.12.2021. Financial closure of the project has been achieved on 28.02.2022 and agreement signed with State Bankof India.

Main Civil & HM works package was awarded on 24.11.2020 to M/s Luhri Hydro Power Consortium. Permanent steel truss bridge (84m) to cross river has been commissioned. River was diverted on 25.06.2022. 91% Dam excavation completed so far. Excavation of power house up to pit for 3 units out 4 has been completed. Concreting of columns and beams in Service Bay has been completed and 1st stage concreting for Unit-1 S 2 was in progress. Work at all major fronts i.e. Dam and Power house held up since 18.05.2024 due to overtopping of coffer dam and cavity formed in diversion tunnel on 07.07.2024. Restoration works of diversion tunnel are in full swing.

EM package was awarded to M/s Voith Hydro Pvt. Ltd. on 16.07.2021. Manufacturing of all four draft tube liners has been completed and delivered at site. EOT crane has also been delivered at site. Manufacturing of spiral case and other EM components is in progress.

Power Evacuation System: Power from the project shall be evacuated through 200kV D/C line to ISTS pooling system at Bharampukhar to be constructed by CTU. Work for construction of 220 kV Transmission Line from switchyard to Ogli awarded on 06.07.2022. Approval for authorization u/s 164 of Electricity Act, 2003 accorded by MoP on 01.12.2023. Case for diversion of forest land was forwarded to IRQ, MoEFSCC for approval on 20.09.2024. Observations raised by IRQ, MoEF&CC have been attended. Proposal for private land compensation and RoW for transmission line is under process of approval. Foundation workfor 1st tower in project area has been completed.

4. DHAULASIDHHEP (66 MW):

? haulasidh Hydro Electric Project with installed capacity of 66 MW is located on river Beas, in Hamirpur and Kangra districts of Himachal Pradesh. The Project is a run-of-the-river scheme and will generate 304 MU of electric energy in a 90% dependable year. M0U was signed with Govt, of Himachal Pradesh on 25.09.2019.

Investment approval amounting to Rs. 687.97 Cr for main works accorded on 01.10.2020 with completion period of 54 months from date of commencement of construction works. Foundation stone laid by Hon'ble Prime Minister on 27.12.2021. Financial closure of the project was achieved on 18.04.2022 and agreement signed with H.P. State Cooperative bank.

Main Civil & HM works package was awarded to M/s Rithwik Projects Pvt. Ltd., Hyderabad on

06.05.2021. River has been diverted on 15.02.2022. Excavation for all the project components i.e. Dam, Power House and Tail Race Channel has been completed in all respect. Dam concreting is in full swing and 66% concreting completed. In Power house area, concreting of columns and beams in service bay has been completed on 24.09.2024 and further, concreting is in progress in Machine Hall area. Cumulative 57% concreting completed in Power house area. Flood protection wall has been completed on 14.09.2024. Penstock erection for Unit-1 and Unit-2 started w.e.f. 25.12.2024 and 20.03.2025 respectively and cumulative, 32% erection completed.

EM package for main works awarded to M/s Voith Hydro Pvt. Ltd. on 19.01.2022. Erection of Draft tube liners for both units completed on 13.05.2024. Spiral case and stay ring for unit-1 delivered at site on

07.12.2024 and 15.12.2024 respectively. Spiral case for unit-2 is under transportation.

Erection of EOT crane in service bay has been completed on 15.11.2024.

Power evacuation system: Power from the project shall be evacuated from 220 kV network/ substation of HPPTCL. Work of construction of 220 kV Transmission line from switchyard to HPPTCL network awarded to M/s KEC International Pvt. Ltd on 14.06.2022. Case for diversion of forest land was forwarded to IRO, MoEF&CC for approval on 28.09.2024. IRO, MoEF&CC raised observations on

27.12.2024 which are being attended. Signing of agreements for purchase of private land (38 ha) is in progress. Work of tower foundation in private land is in progress.

Further, in addition to 2 main units of 33 MW each, work of 3.5 MW auxiliary unit to utilize the e-flows is also in progress. Statutory clearance for same is under process of approval with GoHP.

5. Sunni Dam HEP (382 MW):

Sunni Dam HEP is a run-of-the-river (RoR) scheme on river Satluj located near Khaira village in Shimla and Mandi districts of Himachal Pradesh. The Project will generate 1382 MU of energy in a 90% dependable year. Govt, of H.P. re-allottedthe project on 'Stand Alone Basis' to SJVN on 29.08.2017. MOU was signed with Govt, of Himachal Pradesh on 25.09.2019. Ground breaking ceremony of the project was presided over by Hon'ble Prime Minister on 27.12.2021.

After obtaining all statutory clearances, investment approval amounting to Rs. 2614.51 Cr accorded by Gol on 12.01.2023 with completion period of 63 months from date of CCEA approval.

Civil Works: Main Civil & HM works package was awarded to M/s Rithwik Projects Private Limited on

14.01.2023. Suspension bridge of 113 m span to approach the right bank has been completed on

31.10.2023. All the approach roads to the project components have also been completed. After completion of 510 m long diversion tunnel river diverted on 13.01.2024 within schedule. Excavation of dam abutment on left bank has been completed and excavation is in progress on the right bank for dam abutment. After completion of excavation for upstream cofferdam, concreting is in progress.

Underground works are also going on in full swing at all the fronts. Adit to powerhouse crown (191m) got completed on 05.08. 2O24.Heading excavation of MAT is in progress and 73% excavation has been completed. Excavation of powerhouse cavern is also in progress. After completion of excavation of adits to transformer hall bottom (83 m) and transformer hall crown (202 m), excavation of TH cavern is in progress. Further, after completion of adit to TRT (427 m), excavation of TRT-1, TRT-2 and adit to pressure shaft bottom is in progress.

HM Works: Design and engineering of HM components is in progress. Diversion tunnel gate is under fabrication.

EM Works: NIT for EM works package was issued on 28.08.2024. Pre-bid meeting held on 08.10.2024. Package is under tendering.

Construction Power Construction power for initial requirement has been made available at site, while for peak requirement, work of 22 kV line from HPSEB's substation at Gumma to dam site through HPSEB Ltd. is in progress.

Power excavation system for Sunni Dam HEP: Power from the project shall be evacuated through 200kV D/C line (twin Bersimis) between Sunni Dam HEP switchyard to Bharampukhar ISTS pooling system. Accordingly, work for construction of transmission line from powerhouse to common pooling station shall be awarded separately matching with the commissioning of project.

Widening of Sunni-Khaira Road up to dam site for transportation of construction and EM equipment which is being executed through HPPWD is in progress.

B) PROJECTS UNDER PRE-CONSTRUCTION, SURVEY & INVESTIGATION STAGES:

1. Hydro power Projects in Nepal

i) Lower Arun HEP (669 MW)

Lower Arun HEP was allotted to SJVN by Govt, of Nepal on 04.02.2021 with an installed capacity of 669 MW with an annual generation of 2901 MU. The project is located in the Sankhuwasabha and Bhojpur districts of Eastern Nepal on river Arun, d/s of existing Arun-3 HEP (900 MW) which is under construction by SAPDC (wholly owned subsidiary of SJVN). The Project is envisaged to be operated in Tandem with Arun-3 HEP.

Investment approval for Rs. 74.60 Cr for pre-construction activities of the project was accorded by Gol on 02.03.2022. DPR of the Project was approved by IBN, GoN on 31.03.2022. Techno-Economic Appraisal of the Project has also been accorded by CEA on 31.10.2022.

Project Development Agreement signed with GoN on 01.06.2023. Investment approval of Rs. 5792.36 Cr. recommended by PIB on 18.05.2023. CCEA approval accorded on 02.08.2024. NIT for Civil and HM Works Packages PI S P2 floated on 01.11.2024; Pre- bid meeting held on 29.11.2024. Technical bids for both packages opened and are under evaluation.

ii) Arun-4 HEP (490 MW)

Arun-4 HEP is a run-of-the-river scheme proposed to harness the hydel potential of river Arun in Nepal with an annual generation of 2758 MU. For the development of the project in a Joint Venture, a Memorandum of Understanding has been signed between SJVN and Nepal Electricity Authority (NEA), in the esteemed presence of Hon'ble Prime Ministers of India & Hon'ble Prime Minister of Nepal at Lumbini, Nepal on 16.05.2022.

Project registered with CEA on 08.07.2022. Inception report of the Project has also been submitted to NEA, GoN on 23.11.2022. Investment approval for pre-construction activities amounting to Rs. 41.36 crore has been approved by MoP on 30.12.2022.

Project was in pre-DPR stage. First Consultation meeting held on 04.07.2023. Due to non-finalisation of weir location, CEA has returned the DPR proposal on 13.02.2025. DPR related works will be resumed after finalisation of layout of headworks of Arun-4 HEP jointly with Upper Arun HEP, D0ED and NEA.

iii) Upper Karnali HEP (900 MW):

Upper Karnali Hydro Electric Project is a run-of-the-river project located in Nepal. SJVN has partnered with GMR and IREDA for the development of this cross-border project.

The Ministry of Power, Government of India, approved the proposal of SJVN and IREDA for joining the Special Purpose Vehicles for Generation and Transmission Companies on 23.08.2024. Subsequently, a MoU was signed between SJVN, GMR, and IREDA on 09.09.2024 for the development of the project.The updated Detailed Project Report was submitted to the CEA on 15.09.2024.

The Investment Board of Nepal (IBN) accorded approval on 01.12.2024 for the induction of SJVN and IREDA as equity partners in the Project. The Board structures of both SPVs (Generation Company S Transmission Company) has been approved, incorporating additional independent directors in line with Nepali regulations.

The Joint Venture Agreement (JVA) and project implementation plan are being finalized as per IBN directives. Financial closure compliance was submitted to IBN on 15.01.2025. The participation of IREDA in the SPVs was further approved by the MNRE and DIPAM in January, 2025. The approval of RBI sought by IREDA is awaited. The project is a strategic step in expanding SJVN's international hydropower portfolio.

2. Hydro power Projects in Himachal Pradesh

i) Reoli Dugli HEP (456 MW):

Reoli Ougli HEP is a run-of-the-river project proposed to harness the hydel potential of river Chenab in the Lahaul-Spiti district of Himachal Pradesh. GoHP allotted the project to SJVN with capacity of 430 MW on 23.10.2019. Template Moll was signed with GoHP on 06.11.2019. After feasibility studies, capacity of the project enhanced to 456 MW. Investment approval for pre-construction activities amounting to Rs. 79.69 Cr. was approved by MoP on 20.12.2022.

Proposal for forest land diversion was submitted to MOEFSCC on 31.03.2022 and identification of GA land was in progress. EIA / EMP report was also being prepared. Pre-DPR chapters were being submitted to CEA/CWC and general layout of the project was also cleared by CWC. However, due to amendment in Hydropower policy of GoHP, the project has become commercially unviable. Proposal for DPR preparation has also been returned by CEA.

ii) Purthi HEP (234 MW):

GoHP allotted the project with capacity of 210 MW in Chenab basin on 09.08.2019 and Template MoU was signed with GoHP on 25.09.2019.

Project was in pre-DPR stage. 1st consultation meeting was held in CEA on 20.10.2020. After preliminary studies, capacity of project was enhanced to 234 MW. Drilling and drift works for geotechnical investigations were awarded, however, the same were stopped due to resistance by local people. Matter was taken up with Administration for resolution of issue and resumption of works.

Investment approval for pre-construction activities amounting to Rs. 78.25 crore has been approved by MoP on 14.12.2022. ToR of the project was approved by MoEFSCC on 26.03.2021 and EIA/ EMP report and CAT plan were under preparation. However, due to amendment in Hydropower policy of GoHP, the project has become commercially unviable. Proposal for DPR preparation has also been returned by CEA.

iii) Bardang HEP (166MW):

Bardang HEP is a R-O-R project to harness the hydel potential of river Chenab in the Lahaul-Spiti district of Himachal Pradesh. GoHP allotted the project with capacity of 138 MW in Chenab basin on 09.08.2019 and Template Mod signed with GoHP on 25.09.2019.

Project was in Pre-DPR stage. 1 st consultation meeting was held with CEA on 06.11.2020. After preliminary studies, capacity of project was revised to 166 MW. Drift works completed on 09.02.2023 and drillingworks were in progress.

ToR of the project was approved by MoEFSCC on 26.03.2021 and EIA/ EMP report and CAT plan were under preparation. PIB proposal for the investment approval for pre-construction activities amounting to Rs. 88.34 Cr submitted to MoP on 27.06.2023 was under approval. However, due to amendment in Hydropower policy of GoHP, the project has become commercially unviable. Proposal for DPR preparation has also been returned by CEA.

iv) Sach Khas HEP (287 MW):

Sach Khas HEP is a run of the river project proposed to harness the hydel potential of river Chenab in Chamba district of Himachal Pradesh. GoHP allotted the project with capacity of 267 MW on 05.01.2021.

Project was in pre-DPR stage. 1 st consultation meeting was held on 06.01.2022. After preliminary investigation, capacity of project was revised to 287 MW. Drilling and drift work for geotechnical investigations are complete.

ToR of the project approved by MoEFSCC on 04.03.2022 and EIA/EMP report and CAT plan are under preparation. PIB proposal for the investment approvalfor pre-construction activities amounting to Rs. 69.67 Cr submitted to MoP on 30.06.2023 was under approval. However, due to amendment in Hydropower policy of GoHP, the project has become commercially unviable. Proposal for DPR preparation has also been returned by CEA.

v) Tandi Rashil HEP (268 MW):

Tandi HEP and Rashil HEP were allotted by GoHP with capacity of 104 MW and 130 MW respectively in Chenab basin on 05.01.2021. After preliminary studies, a single scheme of 268 MW Tandi-Rashil HEP was proposed and same was approved by GoHP on 02.07.2022. Combined scheme was considered by CEA on 25.07.2022.

Topographical survey and geological mapping required for optimization studies could not be carried out at site due to resistance by locals. Due to delay in investigation works, proposal for SSI and DPR preparation has been returned by CEA. Further due to amendment in Hydropower policy of GoHP, the project has become commercially unviable. Proposalfor DPR preparation has also been returned by CEA.

vi) Tindi SHEP (4.4 MW):

Tindi hydroelectric project is a run-of-the-river scheme located on Harsar Nala, a tributary of river Chandrabhaga near village Tindi, in District Lahaul&Spiti of Himachal Pradesh. DPR of the project was submitted to GoHP/Himurja for approval.

The project was being contemplated for providing construction power to the SJVN's upcoming projects in Chenab basin, however, due to amendment in Hydropower policy of GoHP, the projects in Chenab basin have become commercially unviable and proposal for DPR preparation of these Projects has been returned by CEA due to which further development of this project is also put on hold.

vii) Luhri Stage-2HEP (228 MW):

Luhri Stage-2 HEP is a Run-of-the-River (RoR) scheme proposed on river Satluj near village Nanj, in Shimla, Kullu and Mandi districts of Himachal Pradesh. Govt, of H.P. re-allotted the project on 'Stand Alone Basis' to SJVN on 29.08.2017. Investment approval for carrying out construction activities amounting to Rs. 72.478 Cr has been approved by Gol on 16.03.2018. MOU was signed with GoHP on 25.09.2019.

The project is in pre-DPR stage. After preliminary studies, a scheme in tandem operation with upstream Luhri HEP Stage-1 has been identified with an installed capacity of 228 MW and layout of the scheme submittedto CWC/CEA.

Observation raised by CWC on change in allotted domain of the project has been taken up with DoE, GoHP time and again. Due to delay in domain allotment by GoHP, proposal for SSI and DPR preparation has been returned by CEA on 11.09.2023. Matter for approval of revised domain is being followed up with GoHP regularly.

3. Hydro power projects in ArunachaI Pradesh:

i) Etalin HEP (3097 MW):

Project was allotted by GoAP on 21.07.2023 and further MoA signed with GoAP on 12.08.2023. Transfer of concurrence and extension of validity of DPR upto 31.12.2026 accorded by CEA on 30.01.2025.

Revised case for diversion of 1175 ha forest land submitted on 15.02.2024. Compensatory Afforestation land has been identified by State Forest Department. State Govt, recommended the FC proposal and forwarded the same to MOEFSCC on 11.01.2025. Proposal is under approval.

EC recommended by EAC on 31.07.2017. Meeting held in PMO on 08.10.2024 wherein, it has been decided to transfer EC already recommended by EAC and further to examine the SJVN's request to consider EIA/EMP with one season study and exemption from conducting public hearing. Consultant for EC has been hired and baseline data collection fortwo seasons has been completed and report prepared.

For Land Acquisition, 1175 Ha. land has been identified and compensation amount has been transferred to District Administration on 26.03.2025. Disbursement of land and compensation is in progress. Cost to Completion has been submitted to CEA for approval. PIB Memo for Pre-construction activities submitted to MoP for approval is under process.

ii) Attunli HEP (680MW):

Project allotted by GoAP on 21.07.2023 and MoA signed with GoAP on 12.08.2023. Transfer of concurrence and extension of validity of DPR upto 31.12.2025 accorded by CEA on 09.11.2023. Revised hydrology approved by CWC on 10.04.2024.

Case for diversion of 261.53 ha forest land submitted on 15.02.2024. Proposal forwarded to MoEFSCC, New Delhi on 11.01.2025. Observations raised by MoEFSCC on 13.02.2025 are being attended.

For Environment Clearance, TOR recommended on 09.02.2024. EIA/EMP study in progress and all the three season baseline data has been collected. For preparation of final EIA/EMP report, RSR plan is a pre-requisite, which will be prepared by District Administration after baseline survey and property assessment.

For Private land acquisition, notification under Section-11 of LARR Act issued by GoAP on 08.10.2024. Land survey completed on 31.01.2025. Work of Boundary pillars was in progress which has been stopped by PAFs. A writ petition has been filed by the PAFs in the Hon'ble Gauhati High Court, Itanagar Bench, challenging the Preliminary notification issued by State Government under section 11 (1) of RFCTLARR Act 2013. Matter is sub-judice in Hon'ble Court.

For investment approval for pre-construction activities, draft PIB-Memo was submitted to MoP on

10.05.2024. Project cost has been vetted by CEA. Approval is awaited from MoP.

iii) Emini (500 MW), Amulin (420 MW) and Mihumdon (400 MW) HEPs:

Projects allotted by GoAP on 21.07.2023 and MoA signed with GoAP on 12.08.2023. To ascertain the commercial viability of projects, contract for preparation of Feasibility Reports was awarded to M/s

WAPCOS Limited on 27.06.2024 and work is in progress. Process for the other statutory clearances shall be initiated after ascertaining commercial viability of the projects.

iv) Other Projects: MoP has indicated 9 more projects totalling 1507 MW in Dibang basin to SJVN on 11.05.2023 of the projects. Commercial viability of the projects is being ascertained before signing of MoUs with State Govt.

4. Hydro power projects in Uttarakhand:

i) DEVSARIHEP(194MW):

Devsari HEP is a Run-of-the-River (RoR) scheme located on river Pinder, a major tributary of river Alaknanda in district Chamoli of Uttarakhand. DPR with 252 MW installed capacity was concurred by CEA on 07.08.2012.

As per revised e-flows notified by MoJS, Gol on 09.10.2018, DPR of the project is being revised and capacity reworked from 252 MW to 194 MW. Forest Clearance Stage-1 was accorded by MOEF&CC on 26.02.2018 with conditions. Environmental Clearance was recommended by EAC on 27.03.2018 subject to certain conditions applicable for FC stage-1. For acquisition of private land, award has been issued by DM, Chamoli on 10.07.2019 and compensation amount deposited with District Administration.

However, all S&l works required for revision of DPR are pending and statutory clearances on hold in compliance with Ministry of Power letter dated 06.07.2021 due to stay ordered by Hon'ble Supreme Court of India for development of HEPs in Uttarakhand. Representation regarding early implementation of the Project was submitted to MoEF&CC on 30.09.2024. Committee formed by Hon'ble Supreme Court has recommended the project for implementation on 08.11.2024.

ii) JAKHOL SANKRI HEP (44 MW):

Jakhol Sankri HEP with proposed installed capacity of 44 MW is located on River Supin, a tributary of River Tons in Uttarkashi District of Uttarakhand. The project is designed as run-of-the-river project and will generate 166 MU of annual energy. Investment approval for carrying out pre-construction activities has been accorded by Gol at an estimated cost of Rs 84.50 Cr. on 15.09.2017.

TEA of DPR issued by GoUk on 03.06.2019. Environmental clearance was recommended by R0, MOEF&CC, Dehradun on 26.12.2019. EAC meeting in MoEF&CC, Delhi held on 17.10.2023; observations raised are being attended.

For private land acquisition, R&R plan approved by Commissioner, Garhwal on 15.06.2021 and land compensation is under finalization. Project cost/tariff is on higher side. Optimisation studies to make the project commercially viable are underfinalisation.

5. Pumped Storage Projects:

i) Jalvara PSP (2220 MW): Jalvara PSP (2220 MW), located across the states of Maharashtra and Karnataka, has its PFR completed and submitted to CEA on 28.12.2022. The upper reservoir lies in Karnataka and the lower reservoir in Maharashtra. An MoU was signed with the Government of Maharashtra on 26.09.2024 for project implementation. Subsequent steps, including water allocation requests and inter-state coordination, are in progress. Matter being followed up with Karnataka Renewable Energy Development Limited (KREDL) and the Government of Karnataka for Project allotment.

ii) Darzo Lui PSP (2400 MW): PFR of Darzo-Lui PSP (2400 MW) in Mizoram was submitted to the CEA and the Government of Mizoram on 05.06.2023. The Government of Mizoram issued a No Objection Certificate (NOC) on 26.04.2024, allowing survey and investigation for DPR preparation. A Letter of Intent for allotment of the project was received on 23.07.2024. Pursuant to this, a tender for hiring consultancy services for preparation and approval of DPR including survey and investigation work was floated. Technical bids have been evaluated and the case for award of works has been forwarded for Board approval.

Hi) PSPs in Bihar In Bihar, four potential PSP sites were evaluated in Kaimur District. SJVN engaged M/s WAPCOS Ltd. in August, 2023 to evaluate four PSP sites in Bihar. Based on technical assessment, Hathiadah-Durgawati PSP (initially 1600 MW, now 1000 MW) was identified as the most suitable. A final Feasibility Report was submitted by M/s WAPCOS on 30.03.2025. Observations have been sent to the consultant for finalization of report. An MoU for PSP development was signed with the Government of Bihar on 20.12.2024.

iv) Other PSPs in Maharashtra: In Maharashtra, SJVN is in the process of developing three PSPs - Varasgaon (1200 MW), Panshet (1600 MW), and Kodali (220 MW) through a Joint Venture with MAHAGENCO. DIPAM accorded approval for formation of the JV with MAHAGENCO in January,2024. Further, MAHAGENCO Board approved the formation of the JV on 24.02.2024. Site visits were conducted and project discussions held. The DPR of the Varasgaon PSP has already been submitted to the CEA by WRD, Government of Maharashtra. Water allocation requests and project allotment letters have been

pursued with the concerned state agencies.

Further PSP sites in Maharashtra include Chornai (2000 MW), Kolmondapada (800 MW), Sidgarh (1500 MW), and Baitarni (1800 MW). These projects fall within Ecologically Sensitive Zones (ESZ) of wildlife sanctuaries. While MoUs were signed with the Government of Maharashtra on 26.09.2024, PFRs for these projects are yet to be prepared due to environmental considerations.

v) PSPs in Chhattisgarh: The Kotpali PSP (1800 MW) has been allotted to SJVN for development by the State Government. The work of DPR preparation and EC clearance has been awarded to M/S WAPCOS by CSPGCL. A MoU for development of Kotpali PSP was signed with the Government of Chhattisgarh on 10.03.2025. The Project shall be developed in JV mode with Chhattisgarh State Power Generation Company.

vi) PSPs identified in Himachal Pradesh: In Himachal Pradesh, PFRs have been prepared for three projects i.e. Sunni PSP (645 MW), Dhurmu PSP (400 MW) and Sadda PSP (180 MW). However, the levelized tariff indicated in the study is relatively very high high. Meanwhile, the Purthi & Sach Khas (190 MW) project has been dropped due to technical viability issues highlighted during preliminary investigations.

7. PROGRESS OF PROJECTS (RENEWABLE ENERGY)

The Renewable Energy Projects of SJVN are being developed through its wholly owned subsidiary SJVN Green Energy Limited (SGEL).

A. PROJECTS UNDER OPERATION (631.77 MW)

1. Parasan Solar Power Project (75 MW)

75 MW Parasan Solar Power Project was awarded to SGEL through Tariff-Based Competitive Bidding by

Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) vide LOA dated 17.05.2021. The Power Purchase Agreement (PPA) was signed with UPPCL on 16.06.2021 at a tariff of 2.68 per unit. The Project was developed with a total investment of 392.3 crores in EPC mode and commenced its commercial operation from 22.11.2022. Design energy (1 st Year) of Parasan SPP is 168.34 million units (MU) having a CUF of 25.60% and plant has achieved a cumulative generation of 352.52 MUtill FY2024-25.

2. Gurhah Solar Power Project (75 MW)

75 MW Gurhah Solar Power Project was awarded through Tariff-Based Competitive Bidding conducted by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA) vide LOA dated

05.01.2022. The Power Purchase Agreement (PPA) was signed with UPPCL on 03.02.2022 at a tariff of

2.98 per unit. The Project was developed with a total investment of T466.82 crores in EPC mode and commenced its commercial operation from 29.12.2023. Design Energy (1 st Year) of Gurhah SPP is 159.77 million units (MUs) having a CUF of 24.22% and plant has achieved a cumulative generation of 193.10 MUs till FY 2024-25.

3. Gujrai Solar Power Project (50 MW)

50 MW Gujrai Solar Power Project was awarded through Tariff-Based Competitive Bidding conducted by the Uttar Pradesh New & Renewable Energy Development Agency (UPNEDA vide LOA dated

05.01.2022. The Power Purchase Agreement (PPA) was signed with UPPCL on 03.02.2022 at a tariff of

2.98 per unit. The Project was developed with a total investment of 279.94 crores in EPC mode and commenced its commercial operation from 22.02.2024. Design Energy (1 st Year) of Gujrai SPP is 106.51 million units (MUs) having a CUF of 24.20% and plant has achieved a cumulative generation of 106 MUs till FY 2024-25.

4. Raghanesda Solar Power Project (100 MW)

100 MW Raghanesda Solar Power Project was awarded through Tariff-Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) vide LOA dated 11.10.2021. The Power Purchase Agreement (PPA) was signed with GUVNL at a tariff of T2.64 per unit on 03.01.2022. The Project was developed with a total investment of %42.15 crores in EPC mode and commenced its commercial operation in 02 phases; 58 MW on 02.04.2024 & Full 100 MW on 12.10.2024. Design Energy (1 st Year) of Raghanesda SPP is 252.29 million units (MUs) having a CUF of 28.80% and plant has achieved a cumulative generation of 196.12 MUs in FY 2024-25.

5. Omkareshwar Floating Solar Power Project (90 MW)

90 MW Floating Solar Power Project at Indira Sagar Dam, Omkareshwar, Madhya Pradesh was awarded through Open Competitive Bidding conducted by Rewa Ultra Mega Solar Ltd. (RUMSL) vide LOA dated

30.06.2022. The Power Purchase Agreement (PPA) was signed with MPPMCL on 04.08.2022 at a tariff of T3.26 per unit. The Project was developed with a total investment of R646.17 crores in EPC mode and commenced its commercial operation in 02 Phases; 45 MW on 07.10.2024 and complete 90 MW on

30.10.2024. Design Energy (1 st Year) of Omkareshwar FSP is 196.5 million units (MUs) having a CUF of 24.60% and plant has achieved a cumulative generation of 81.2 MUs in FY 2024-25.

6. 1000 MW Bikaner Solar Power Project under CPSU Scheme (Tranche III)

1000 MW Bikaner Solar Power Project was awarded to SJVN under the CPSU Scheme (Tranche III) vide LOA dated 04.10.2021, is being developed in Bikaner, Rajasthan, at a tariff of <2.57/unit with a Viability Gap Funding (VGF) support of <44.72 lakh/MW. The Power Usage Agreements (PUAs) have been signed with Uttarakhand Power Corporation Limited (UPCL) for 200 MW, Jammu & Kashmir Power Corporation Limited (JKPCL) for 300 MW, and Rajasthan Urja Vikas and IT Services Limited (RUVITL) for 500 MW. The Project is being developed with a total investment of <5492 crores in EPC mode.

241.77 MW Capacity has been successfully commissioned on 31.03.2025.

B. Under-construction Project (1886.23)

1. 1000 MW Bikaner Solar Power Project under CPSU Scheme (Tranche III)

1000 MW Bikaner Solar Power Project was awarded to SJVN under the CPSU Scheme (Tranche III) at Bikaner, Rajasthan vide LOA dated 04.10.2021 at a maximum tariff of <2.57/unit with a Viability Gap Funding (VGF) of <44.72 lakh/MW. Power Usage Agreements (PUAs) have been tied up with UPCL (200 MW), JKPCL (300 MW), and RUVITL (500 MW). The Project is being developed in EPC mode S EPC contract was awarded to M/s Tata Power Solar Systems Limited. The project has achieved more than 70% physical progress whereas Balance of System (BoS) works are almost complete. The first phase of

241.77 MW capacity was commissioned on 31.03.2025. Module supply and installation is under progress and full commissioning is expected by 30.09.2025.

2. Bagodara Solar Power Project (70 MW) - GUVNL Phase XII

70 MW Bagodara Solar Power Project was awarded through Tariff Based Competitive Bidding by Gujarat Urja Vikas Nigam Limited (GUVNL) vide LOA dated 26.03.2021. The Power Purchase Agreement (PPA) was signed with GUVNL on 23.04.2021 at a tariff of <2.21 per unit. The Project is being developed in EPC mode and EPC Contract was awarded to M/s Svaryu Energy Limited. 238 out of 245 acres of land has been successfully registered ,66.16 MWp modules have been delivered and 28 MWp have already been erected. Balance of System (BOS) and Module Mounting Structure (MMS) works are ongoing. The commissioning is being scheduled in 02 phases: 35 MW by July 2025 and full 70 MW capacity by December 2025.

3. 100 MW BhujSPP (GUVNL Phase -XIII)

SJVN bagged 100 MW Solar Power Project through Tariff Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) under Phase XIII vide LOA dated 16.04.2022. The Power Purchase Agreement (PPA) was signed with GUVNL at a tariff of INR 2.29 per unit. The Balance of Works contract was awarded to M/s Solar World Energy Solution Private Ltd. And work is under progress. Modules for the full 100 MW capacity have been procured and available at site. Connectivity has been granted by CTUIL w.e.f. September 2025. Project is expected to get commissioned by March 2026.

4. 260 MW Gujarat SPP (GUVNL Phase -XIV)

SJVN bagged 260 MW Solar Power Project through Tariff Based Competitive Bidding conducted by Gujarat Urja Vikas Nigam Limited (GUVNL) under Phase XIV vide LOA dated 15.07.2022. The Power Purchase Agreement (PPA) was signed with GUVNL at a tariff of INR 2.3031 per unit. The Balance of Works was awarded to M/s Solar World Energy Solution Private ltd and works in under progress. Connectivity has been granted by CTUIL w.e.f. September 2O25.The project is expected to be commissioned by March 2026.

5. 75 MWJamui SPP(Phase-1)

SJVN bagged the 75 MW Solar Power Project at Lakshmipur, Jamui, Bihar through tariff based competitive bidding by Bihar Renewable Energy Development Agency (BREDA) vide LOA dated

28.01.2022. The Power Purchase Agreement (PPA) was signed with BREDA on 26.05.2022 at a tariff of <3.11 per unit The project has achieved about 70% physical progress. Majority of land acquisition and supply activities including complete module for 75 MW capacity have been completed. The construction/erection works of all major equipment is under progress.

6. 100 MW PSPCL (ET-2) SPP

SJVN through Tariff Based Competitive Bidding conducted by Punjab State Power Corporation Limited (PSPCL) bagged 100 MW Solar Project (ET-2) vide LOA dated 09.05.2022. The Power Purchase Agreement (PPA) has been signed with PSPCL on 23.06.2022 at a tariff of INR 2.65 per unit. 323 acres land has been acquired against 500 acres and rest in undergoing. 100% module supply has been completed. The project is expected to be commissioned by March 2026.

7. 18MWBBMBSPP

SJVN secured the 18 MW Solar Power Project through Tariff-Based Competitive Bidding conducted by Punjab Energy Development Agency (PEDA) vide LOA dated 05.05.2023. The Power Purchase Agreement (PPA) has been signed with BBMB on 08.09.2023 at a tariff of <2.63 per unit. The Project is being developed in EPC mode and EPC contract was awarded to M/s Ganesh Green Bharat Limited. The land

for the project is in scope of BBMB and same is being finalized. The project is expected to be commissioned by March 2026.

8. BBMB FSP(15 MW) - Nangal, Himachal Pradesh

15 MW floating solar power project was awarded to SJVN through Tariff based competitive bidding by Solar Energy Corporation of India (SECI) vide LOA dated 04.10.2022 and is being developed in the BBMB dam catchment area at Nangal. The Power Purchase Agreement (PPA) was signed with BBMB on 23.12.2022 at a tariff of <3.26 per unit and is being developed in EPC mode with M/s HartekSolar Pvt. Ltd as EPC contractor. About 95% of materials has been delivered to site and due to high velocity conditions at proposed site, alternate ways of project implementation are being explored by SJVN and BBMB.

9. APDCLSPP(70MW)-Dhubri, Assam

SJVN bagged 70 MW Solar Power Project through Tariff-Based Competitive Bidding conducted by Assam Power Distribution Company Limited (APDCL) vide LOA dated 28.08.2023. The Power Purchase Agreement (PPA) was signed on 07.02.2024 at a tariff of <3.92 per unit. The Project is being developed in EPC mode and M/s Rays Power Infra Private Limited has been engaged as EPC contractor. The project has achieved about 50% physical progress. Supply and installation of Balance of System (BoS) and other equipment is under progress. The project is expected to be commissioned by September 2025.

10. APDCL SPP (50 MW) -Sonitpur, Assam

SJVN secured 50 MW Solar Power Project in Sonitpur, Assam, through Tariff-Based Competitive Bidding conducted by Assam Power Distribution Company Limited (APDCL) vide LOA dated 28.08.2023. The Power Purchase Agreement (PPA) was signed with APDCL on 07.02.2024 at a tariff of <3.92 per unit. The Project is being developed in EPC mode and EPC contract was awarded to M/s Solar World Energy Solution Private Limited. The project has achieved about 40% physical progress and works are under progress. Full capacity modules along with inverters and other equipment have been delivered to the site. The project is anticipatedto be commissioned by December 2025.

11. GUVNL Phase XVII Khavda SPP (200 MW) - Khavda Solar Park, Gujarat

200 MW Solar Power Project in Khavda Solar Park was awarded through tariff based competitive bidding by Gujarat Urja Vikas Nigam Limited (GUVNL) under phase XVII vide LOA dated 16.05.2023. The Power Purchase Agreement (PPA) was signed with GUVNL on 07.08.2023 at a tariff of <2.88 per unit. M/s Rays Power Infra Pvt. Ltd has been engaged as BOS contractor and about 40% physical progress has been achieved. Full capacity modules have been delivered to the site. Design Engineering is under process and construction works are under progress. The project is anticipated to be commissioned by March 2026.

12. 100 MW RUVITL NAWA SPP - Sambhar, Rajasthan

The 100 MW Power Project was acquired by SJVN through tariff based competitive bidding conducted by Rajasthan Rajya Vidyut Utpadan Nigam Limited (RUVNL, now RUVITL) vide LOA dated 06.10.2023. The PPA was signed with RUVNL (now RUVITL) on 10.03.2024 at a tariff of <2.62 per unit. The Project will be developed in Nawa, Rajasthan in land provide by Sambhar Salts Limited (SSL) under Right to Use agreement. The Project is being developed in EPC mode and EPC contract has been awarded to M/s Bridge S Roof Co. (India) Ltd. Connectivity has been granted by RVPN at the Nawa Sub-station. The project is anticipated to be commissioned by December 2025.

C. PROJECT UNDER PRE-CONSTRUCTION

S.No.	Project Name	Capacity	State
1	BankaSPP	75 MW	Bihar
2	Jamui Phase-ll SPP	50 MW	Bihar
3	PSPCL (ET-4) SPP	200 MW	Punjab
4	PSPCL (ET-3) SPP	1000 MW	Anywhere in India
5	MSEDCLPhaseVIISPP	200 MW	Maharashtra
6	MSEDCLPhase IX SPP	200 MW	Maharashtra
7	APDCLSPP	200 MW	Assam
8	GUVNL Phase XXII SPP	200 MW	Anywhere in India
9	MSEDCLPMKUSUMScheme	1352 MW	Maharashtra
10	SECI Wind Project	100 MW	Anywhere in India
11	SECI Wind Project	200 MW	Anywhere in India
12	GUVNL Phase VWind Project	100 MW	Gujarat
13	GUVNLPhase XXI SPP	500 MW	Gujarat
14	GUVNL Phase XXIII SPP	200 MW	Gujarat

8. BUSINESS DEVELOPMENTPLAN AND FUTURE BUSINESS STRATEGY 8.1 Business DevelopmentPlan

I. Introduction and Strategic Vision

SJVN, a leading Central Public Sector Undertaking (CPSU) under the Ministry of Power, Government of India, is committed to becoming a key contributor to India's sustainable energy transition. With a strong foundation in hydroelectric generation and an ambitious growth roadmap in solar, wind, and green hydrogen, SJVN's strategic vision is to emerge as a 50,000+ MW company by 2040. This Business Development Plan for 2025-2030 outlines the initiatives required to build a diversified, digitally enabled, and environmentally responsible energy enterprise aligned with national goals.

II. Industry Landscape and Strategic Fit

India's power sector is at an inflection point. The country has pledged to install 500 GW of non-fossil capacity by 2030 and attain net zero by 2070. Hydropower is being repositioned as a key enabler of grid stability and renewable integration. SJVN's core strength in large and run-of-the-river hydro projects, particularly in Himachal Pradesh, Uttarakhand, and Arunachal Pradesh, places it in a strategic position to contribute to this transition. Further, government support for pumped storage, green open access, and RE integration offers new business avenues.

III. Organizational Mission and Goals

SJVN's mission is to generate reliable and affordable power through environmentally sustainable and economically viable projects. The company aims to scale its installed capacity of 25,000 MW by 2030, 50,000+ MW company by 2040 with a strong mix of hydro, solar, wind, and storage. The development plan envisions a balanced portfolio that supports base load (hydro), peak load (pumped storage), and variable demand (solar/wind + storage).

IV. Growth Strategy and Core Focus Areas

• Hydro PowerExpansion

Hydropower remains the backbone of SJVN's portfolio. The plan includes fast-tracking the execution of major under-construction projects such as the 210 MW Luhri Stage-1,66 MW Dhaulasidh, and 382 MW Sunni Dam, MoU signed for development of 3097 MW Etalin HEP & 680 MW Attunli HEP in State of Arunachal Pradesh which are under different stages of clearances, among others. Strategic tie-ups with state governments will unlock stalled projects, while international ventures in Nepal and Bhutan will be explored to leverage SJVN's hydro expertise. In addition, the company will diversify into pumped hydro storage, criticalfor balancing intermittent renewables.

Further, SJVN signed MoU for the development of 1800 MW Kotpali Pump Storage Project (PSP) in State of Chhattisgarh S in process for signing of MoU for development of 2400 MWDarzo Lui PSP in State of Mizoram & 2220 MW Jalvara PSP in State of Maharashtra S Karnataka. SJVN is in process for taking over Hydro projects on Arun River and other valley.

• Solar and Wind CapacityAddition

SJVN aims to add 10-12 GW of solar and wind capacity by 2030. It will develop ultra-mega solar parks (UMREPPs), participate in SECI and state RE auctions, and set up hybrid and floating solar projects. Focus will be on high-sunlight zones such as Rajasthan, Gujarat, and Maharashtra. Wind projects, including wind-solar hybrids, will be established in Tamil Nadu, Karnataka, and Andhra Pradesh. Captive solar for internal consumption and third-party sale under green DA will also be pursued.

• GreenHydrogen Pilots

In alignment with the National Green Hydrogen Mission, SJVN will establish pilot-scale hydrogen production using dedicated solar power, especially in arid regions. A10-20 TPD green hydrogen facility set up as a demonstration project, with future scaling based on commercial viability. Ministry of Power (GDI) has nominated SJVN as nodal agency for development of green hydrogen project in Nepal. SJVN is in process with Government of Nepalfor the developmentofgreen hydrogen projects.

• Cross-Border and GlobalExpansion

SJVN will capitalize on India's cross-border energy diplomacy by developing hydro projects in Nepal (Arun-3: 900 MW) and evaluating opportunities in Bhutan. The plan includes exporting surplus power and setting up 0&M joint ventures or consultancy services in neighboring countries. Support from Indian EXIMBankand bilateralfunding will be leveraged to minimize project risk.

V. Strategic Partnerships and Technology Integration SJVN will form strategic alliances with:

¦ Technology providers for hydrogen, battery storage, and smart grids.

¦ EPC partners and OEMs for faster execution of RE projects.

¦ Research institutions like IITRoorkee and CPRI for hydro safety and innovation.

¦ Private sector players and startups through PPP models and innovation funds.

These collaborations will enable faster adaptation to new technologies and foster co-creation of high- impact energy solutions.

VI. Digitalization and Operational Excellence

To enhance plant efficiency and reduce downtime, SJVN will deploy advanced SCADA systems, digital twins for large hydro stations, and predictive maintenance tools using loT and Al. Project management

will be digitized using BIM (Building Information Modeling) and ERP-based dashboards. All new solar and wind plants will be fully automated, with centralized performance monitoring through a Renewable Energy Command Centre.

VII. ESG and Sustainability Commitments

As a responsible PSU, SJVN will integrate ESG atthe core of its operations:

¦ Environment: Adopt zero-water discharge in RE plants, biodiversity restoration near hydro sites, and carbon offset programs.

¦ Social: Focus CSR on health, education, and skill development for host communities. Local hiring and livelihood support will be emphasized.

¦ Governance: Strengthen procurement transparency, grievance redressal, and BRSR- aligned ESG reporting.By 2030, SJVN will aim to reduce carbon intensity by at least 25% and strive toward partial carbon neutrality for new plants.

VIII. Financial Planning and Investment Strategy

SJVN's estimated capital investment requirement is approximately 75,000 crore over the 2025-2030 period. The funding mix will include:

¦ Equity through IPO/FPO of subsidiaries (e.g., SJVN Green Energy Ltd.).

¦ Long-term debt from PFC/REC/IREDA at concessional green finance rates.

¦ Green bonds and sovereign climate funds.

¦ Asset monetization via InvITs (especially for solar).

The target is to maintain a healthy debt-equity ratio of 70:30, while ensuring timely returns from commissioned assets to fund future growth organically.

IX. Organizational Resilience and Talent Development

The energy transition requires newskills, processes, and leadership competencies. SJVN will:

¦ Upskill employees in RE, digital operations, and project management.

¦ Restructure business verticalsfor faster RE execution.

¦ Create an internal innovation hub for pilot projects and idea incubation.

¦ Foster a performance-driven culture with KPIs linked to business targets.

X. Monitoring, RiskManagement and Governance

Project execution will be monitored via an integrated control room linked to the CMD's dashboard. Third-party audits, regular reviews, and satellite-based monitoring will be implemented for hydro and RE project sites. Risk management plans will cover financial, environmental, and stakeholder-related issues, with special attention to land acquisition, cost escalation, and force majeure.

XL Conclusion

SJVN stands at a strategic crossroads, equipped with a legacy of reliable hydropower generation and a clear mandate for green energy leadership. This Business Development Plan provides a bold but realistic roadmap to scale, diversify, and modernize its operations. With supportive policies, committed leadership, and an agile approach to innovation, SJVN can emerge as a national and regional champion in the clean energy sector, delivering both shareholder value and sustainable development outcomes for the country.

8.2 Future Business Strategy

Introduction

SJVN Limited, a Navratna Central Public Sector Undertaking under the Ministry of Power, has evolved from a hydropower-centric utility into a diversified energy company. With India's ambitious targets of 500 GWnon-fossilfuel capacity and net-zero emissions by 2070, SJVN's role is transitioning from being a power producer to becoming a renewable infrastructure integrator, regional developer, and clean energy exporter. Its future business opportunities lie not only in generation but across the entire value chain-from production to transmission, trading, and energy storage-with a deepening focus on technological innovation, geopolitical strategy, and cross-sector collaboration.

1. Hydropower Strategic Expansion S Geopolitical Leverage

a) Traditional and Pumped Storage Hydro

SJVN's legacy in hydropower is its strongest foundation. India's economically exploitable hydro potential remains largely untapped—especially in Himalayan states and northeast India. Key opportunities:

• New Hydro Projects: Develop remaining potential in Himachal Pradesh, Uttarakhand, Sikkim, Arunachal Pradesh, and Ladakh, targeting both run-of-the-river and reservoir- based systems.

• Pumped Storage Hydro (PSH): With the grid requiring balancing services to accommodate renewable variability, PSH is becoming essential. SJVN can capitalize on hilly terrain to build daily and seasonal storage plants and offer ancillary and balancing services.

b) Projects in Chenab Basin (Lahaul & Spiti, Chamba)

The current developments around Indus Waters Treaty are deeply troubling. Following the heinous

attack on tourists in Pehelgam, India has announced that Indus Waters Treaty, the only water sharing mechanism between India and Pakistan put in place in 1960, has been put in abeyance. SJVN has been allotted multiple strategic hydro projects in the Chenab Basin, aimed at asserting India's rights under the Indus Waters Treaty (IWT). These include:

S.No.	Projects Name	Capacity(MW)	Districts
1	Reoli Dugli	456	Lahaul & Spiti
2	Purthi	234	Lahaul & Spiti
3	Tandi Rashit	268	Lahaul & Spiti
4	Sach Khas	287	Chamba
5	Bardang	166	Lahaul & Spiti

These projects are vital for India's geopolitical and hydrological assertion over its share of the western rivers and contribute to long-term energy sovereignty and regionalstability.

c) Cross-Border Hydro Development

Nepal: Beyond Arun-3 (900 MW) SJVN is developing Lower Arun and Arun-4, potentially totaling 1,800-2,000 MW. SJVN is in process for taking over Hydro projects on Arun River and other valley.

These projects support regional energy trade with Nepal and Bangladesh. Further, SJVN signed MoO with GMR, IREDA for the development of Upper Karnali (900 MW). o Bhutan: Engagements are underway to partner in upcoming hydro projects under India-Bhutan cooperation.

Strategic Opportunity: Strengthen India's position in water diplomacy and clean energy trade, while expanding SJVN's role as a transnational utility.

2. Solar Energy: Scalable, Modular, and Diversified Deployment

SJVN targets 10,000 MW of solar energy by 2030 across central schemes, state allocations, and market-based bids.

Key Business Areas:

a) Utility-Scale Solar Parks

o Develop large-scale solar parks in Rajasthan, Gujarat, Maharashtra, MP, and Odisha, where

high solar irradiance and land availability offer lower LCOE (Levelized Cost of Electricity). o SJVN can act as both developer and EPC aggregator, earning margin from capacity development and trading.

b) Floating Solar

o Install solar PV systems on existing hydro reservoirs and lakes, optimizing water use and reducing land footprint.

o Locations: Gobind Sagar (HP), Digha Dam (Bihar), Barapani (Meghalaya) etc.

Potential capacity -300-500 MW.

c) Rooftop and Distributed Solar

o Expand under schemes like PM Surya Ghar, CPSU Phase-ll, and PM-KUSUM for solarizing agriculture and urban buildings.

o Collaborate with states to install rooftop solar on government buildings, schools, and health centers.

d) Solar-Wind Hybrid+RTCPower

o Bundle solar with wind and storage to create Round-the-Clock renewable power plants.

o Market demand from large DISCOMs, Railways, and corporates seeking 24x7 green energy. Revenue Model: Secure long-term PPAs (25 years), leverage VGF/subsidy schemes, and reduce capital costthrough economies of scale.

3. Wind Energy: Onshore and Offshore Markets

Wind complements solar by supplying power at different hours. SJVN aims to build 1,500+ MW of wind projects by 2O3O.Business Opportunities:

a. Onshore Wind

o Target windy regions in Karnataka, Tamil Nadu, Gujarat, and Maharashtra through: o Open access projects for commercial clients.

o Participation in SECI wind tenders.

o Development of in-house EPC or JV platforms with turbine manufacturers.

b. Offshore Wind

o Collaborate with MNREfor pilot projects off Gujarat coast.

o India plans to tender 4 GW of offshore wind by 2026, backed by internationalfinancing. Opportunity: Add dispatch diversity to RE portfolio, qualify for hybrid power schemes, and create a resilient asset base across geography and weather patterns.

4. Energy Storage: BESS and Grid Flexibility

As grid flexibility becomes critical, Battery Energy Storage Systems (BESS) offer SJVN new business lines:

Use Cases:

o Co-located storage at solar/wi nd sites to shift excess generation. o Standalone grid-scale storage to participate in future capacity markets. o Urban/industriaI behind-the-meter storage for peakshaving and backup.

Market Support:

o India's storage tender pipeline:-13 GWh by 2030.

o SJVN can use storage to offer firm renewable power, enhancing tariff realization in RTC bids.

Revenue Model: Capacity payments, arbitrage trading, ancillary services.

5. Green Hydrogen.

India targets 5 MMT of green hydrogen production by 2030. SJVN can pioneer green hydrogen in high- potential areas. Ministry of Power (GDI) has nominated SJVN as nodal agency for development of green hydrogen project in Nepal. SJVN is in process with Government of Nepal for the development of green hydrogen projects.

Opportunity Areas:

o Use excess solar/hydro power for electrolyzer-based hydrogen production. o Set up ammonia synthesis units near ports (e.g., Kandla, Pipavav) for export. o Supply green hydrogen for refineries, fertilizers, and heavy transport.

Project Models:

Develop plants in HP or Rajasthan. o Partner with NTPC, GAIL, or private players for scale-up. o Participate in MNRE's PLI scheme for green hydrogen.

Strategic Value:Future-proof diversification and alignment with global green energy export markets.

6. Transmission and Grid Infrastructure

Transmission is a bottleneck for renewable expansion. SJVN can expand into: o Developing transmission lines under tariff-based competitive bidding (TBCB). o Building dedicated green energy corridors for its RE assets. o Collaborating with PGCIL and state transcos via joint ventures.

Opportunity: Become a fully integrated power utility handling generation, transmission, and trading.

7. Power Trading and Energy Market Integration

With a Category-1 license, SJVN can act as a RE aggregator and trader.

Business Scope:

o Sell surplus or merchant power via IEX and PXIL. o Provide balancing and forecasting services to third-party generators. o Export clean energy to Bangladesh, Nepal, Bhutan under SAARC electricity trade.

Growth Frontier Regional power pool operator for South Asia.

Conclusion

SJVN is poised to transform from a regional hydro utility into a national and cross-border clean energy conglomerate. Its future business lies in: o Clean energy generation (hydro, solar, wind) o Firm dispatchable power (RTC,BESS, PSP) o Green fuels (hydrogen, ammonia)

o Energy infrastructure (transmission, trading)

o Regional leadership (Indus Basin, SAARC region)

By aligning with India's climate goals, strategic imperatives, and global clean energy shift, SJVN has the potential to play a defining role in shaping South Asia's low-carbon future.

9. POWER TRADINGBUSINESSANDLICENSE

SJVN ventured into Power Trading Business as part of its business Expansion and diversification plan and has obtained Category- 1 license From CERC in January, 2022 for interstate trading of electricity. Power Trading Business of the company endeavours to provide efficient and Affordable power to its clients. SJVN is registered at DEEP (Discover of Efficient Electricity Price) e-bidding portal and has trader membership In Indian Energy Exchange (IEX), Power Exchange India Ltd (PXIL) and also Hindustan Power Exchange (HPX). SJVN has also developed customized Power Trading Software ISET (Integrated Solution for Energy Trading) Through PWC to automate its power trading activities. During the Financial Year 2024-25, Company had traded energy of 147.41 MUs (88% higher than previous Financial Year) with Turnover of Rs 75.62 Crore.

10. SJVNAS RENEWABLE ENERGYIMPLEMENTING AGENCY (REIA)

In line with the Government of India's ambitious target to achieve 50% of the country's electricity demands from renewable energy sources by 2030 and reach net zero emissions by 2070, SJVN Limited has been designated as Renewable Energy Implementing Agency (REIA) by the Ministry of New and Renewable Energy (MNRE) on 24 th April, 2023.

As REIA, SJVN has been entrusted with the responsibility to select Renewable Energy Power Developers (RPDs) through T endering Process, for setting up and supply of various forms of renewable

energy, including solar power, wind power, wind-solar hybrid power, and firm and dispatchable RE power etc..

The selection process is conducted through a tariff-based competitive bidding procedure. During the Financial Year 2024-25, SJVN was given a target of tendering renewable energy projects with an aggregate capacity of 10.80 GW as an intermediary procurer. In compliance with this target, SJVN floated tenders for the selection of developers for a cumulative capacity of 7.50 GW, out of which letters of awards were issued to successful developersfor a cumulative capacity of 2.40 GW.

Till date, SJVN has floated tenders for total capacity of 18.60 GW against the target of 20.80 GW and LoAs has been issued for total capacity of 13.748 GW and a cumulative capacity of 1.50 GW is under the tendering process which is expected to be concluded by July, 2025.

SJVN has signed Power Sale Agreements (PSAs) with DISCOMs/States for the awarded capacity of 5.188 GW FORE, Solar S Wind power till date and PSAs for the remaining awarded capacity of 8.56 GW are expected to be signed shortly.

11. SJVN AS NODAL AGENCY FOR ROOFTOP SOLAR (RTS) SCHEME

SJVN has been entrusted with the responsibility of functioning as the Scheme Implementation Partner for the Government Roof Top Solar scheme under the PM Surya Ghar: Muft Bijli Yojana, specifically for Union Government buildings of allocated Ministries and residential buildings, as well as Government buildings in the states of Himachal Pradesh, Punjab, and Arunachal Pradesh.

The total cumulative tentative feasible capacity of 41,570 kW of rooftop solar has been assessed. Different tenders are being floated for this capacity and are currently at various stages. For the first tender of 5,830 kW, 13 Power Purchase Agreements (PPAs) have been signed, and these projects are now under the execution stage. Tenders for the remaining capacities are also at various stages, and the scheme is being implemented as per the Ministry's mandate.

With these initiatives, SJVN is committed to playing a significant role in India's transition to a low- carbon economy and achievingthe country's ambitious renewable energy targets.

12. SUBSIDIARIES AND JOINT VENTURE COMPANIES

A) SUBSIDIARY COMPANIES:

Company has following subsidiary companies as on 31.03.2025. The details of the subsidiaries are as under:

1. SJVN Thermal Pvt. Ltd.

SJVN Thermal Pvt. Ltd (STPL) (earlier, Buxar Bijlee Company Private Limited) has been acquired as 100% subsidiary company of SJVN Ltd on 04.07.2013. The Company has taken up the development of 1320 MW Coal-based Thermal Power Project located near village Chausa in District Buxar of Bihar.

2. SJVN Arun-3 Power Development Company Pvt. Ltd.

SJVN Arun-3 Power Development Company Pvt. Ltd. (SAPDC) was incorporated in Nepal as a wholly owned subsidiary company of SJVN Ltd on 25.04.2013. The company has been formed to execute the 900 MW Arun-3 Hydro Electric Project in Nepal. This project is situated on river Arun in Sankhuwasabha District of Nepal.

3. SJVN Green Energy Limited (SGEL)

SJVN Green Energy Limited (SGEL) has been incorporated as a wholly owned subsidiary company of SJVN Ltd on 30.03.2022 with its registered office at Shimla, Himachal Pradesh. SGEL shall work in the verticals of power generation from renewable sources such as Solar, Wind S Hybrid Projects, Battery Energy Storage system, Biomass, small Hydro and Green Hydrogen based business ventures.

4. SJVN Lower Arun Power Development Company Private Limited (SLAPDC)

SJVN Lower Arun Power Development Company Private Limited (SLAPDC) was incorporated in Nepal as a wholly owned subsidiary company of SJVN Ltd. on 26.05.2023. The company has been formed to execute the 669 MW Lower Arun Hydro Electric Project in Nepal.

5. SGEL Assam Renewable Energy Limited

SJVN Green Energy Limited has incorporated a Joint Venture Company with Assam Power Distribution Company Limited named 'SGEL Assam Renewable Energy Limited' on 18.04.2024. SJVN Green Energy Limited holds 51% equity in SGEL Assam Renewable Energy Limited.

B) JOINTVENTURES:

1. Cross Border Power Transmission Company Limited

Cross Border Power Transmission Company Limited (CPTC) is a joint venture of SJVN Ltd. with IL&FS

Energy Development Company Ltd. (IEDCL), Power Grid Corporation of India Ltd. (PGCIL) and Nepal Electricity Authority (NEA) for implementation of Indian portion of the transmission line from Nepal. Equity contributions by SJVN, PGCIL & NEA are 41.94%, 41.94% & 16.13% respectively in the Joint Venture Company.

13. ENVIRONMENT

SJVN is aware of its obligation to conserve and protect the environment. The Environment Policy approved by Board of Directors has been in place since 2009 and has been periodically updated. It encourages us to improve our systems, find innovative ways to prevent pollution, create awareness. SJVN strivesto align its actions to thrust India towards achieving the target of having Net Zero carbon emissions by 2070.

SJVN strictly adheres to all policies and guidelines of the Ministry of Environment, Forest and Climate Change (MoEFSCC) concerning identification and mitigation of environmental impacts of projects, which are a part of the Comprehensive Environmental Impact Assessment (CEIA) Study of projects, carried out through reputed organizations/NABET accredited-consultants. All environmental aspects are suitably addressed in the CEIA study. Accordingly, Management Plans are prepared and suitable measures are adopted to negate any adverse impact on the environment and ecology during construction and operation stages of project cycle.

SJVN has consistently complied with applicable environmental legislations and norms, has always mitigated environmental risks and has adopted the best environmental practices. In recognition to these efforts, SJVN has been awarded with the prestigious 'Greentech Pollution Control, Waste Management and Recycling Awards 2024' in the category of 'PCWR Excellence'.

SJVN has also been in consonance with 'Mission Life' launched by MoEFSCC and is striving to achieve its aims. SJVN commits to saving energy and water, reducing waste, e-waste, plastic waste and avoiding single-use plastics, and encouraging employees for adopting healthy lifestyles. Along with this, SJVN has been actively contributing towards the 'Ek Pedh Maa Ke Naam Campaign' launched by hon'ble Prime Minister on World Environment Day 2024, under which around 8465 trees were planted by SJVN up to March 2025 effectively contributingtowardsthe green cover of the country.

SJVN has three hydro power stations under operation, viz. 1500 MW Nathpa Jhakri HPS (NJHPS) and 412 MW Rampur HPS (RHPS) in Himachal Pradesh and 60 MW Naitwar Mori HPS in Uttrakhand, wherein environmental management measures such as Catchment Area Treatment (CAT), Compensatory Afforestation (CA), Muck Management, Restoration of Muck Disposal sites and Quarry Sites, Green Belt Development, Fisheries Management, Reservoir Rim Treatment, etc. were successfully undertaken. Regular environmental monitoring is done at SJVN projects and six-monthly compliance reports of Environment Clearance conditions are sent to MoEFSCC and other concerned authorities. SJVN projects which are under operation and construction have been certified for ISO 9001:2015, IS/ISO 14001:2015 S IS/ISO 45001:2018 (QEHSS).

Naitwar Mori Hydroelectric Project, on Tons River in Uttarkashi District of Uttarakhand was commissioned in December 2023. A sum of Rs.45.64 crores has been spent against a financial provision of Rs.32.48 crore on implementation of environmental management measures, which was appreciated by the Government officials during Multidisciplinary Committee (MDC) meeting. Some of the initiatives are below:

i. For implementation of CAT plan, Rs.12.96 crore have been deposited

ii. An amount of Rs.1.84 Crore was deposited in CAMPA For CA over 80.00 ha of civil soyam and forest land.

Hi. 43 lakhs has been deposited for Biodiversity Conservation and Management Plan prepared by State Forest Department.

iv. Under Fisheries Management Plan (FMP), the fish pass for migratory fish species is now operational. Central Inland Fisheries Research Institute, Barrakpore, West Bengal had vetted the design parametersfor effective and sustainable fish pass.

v. To avoid landslides and soil erosion, Reservoir Rim Treatment Plan is implemented.

vi. Environmental parameters are being monitored by Pollution Control Research Institute, BHEL at Haridwar. Data shows reported values below the prescribed permissible limits.

vii. Rain water harvesting system along with a 60 KLD STP has been setup at project colony.

viii. Bio composter S Plastic waste bailing machine have been procured for treatment of solid waste of project affected villages and project colony.

ix. AAC bricks having fly ash content about 68% were used in the construction of township and office buildings, resulting in recycling of Waste product.

x. For energy conservation, energy efficient BEE 5 Star rating electrical appliances have been procured.

At NJHPS, 1111trees were plantedto show commitment and concern towards sustainable development. At RHPS, the initiatives taken for environmental considerations are as under

i. A 1000 KG/day capacity automatic organic waste converter has been installed, supplementing the existing 25 KG/day capacity converter. Compost pits are also being used for making organic compost.

ii. The Direct On-Line (DDL) starters for pump-motor sets were replaced with VFD cum motor control panels in three units. This transition cuts annual energy consumption of the pump-motor sets by 25%, enhancing unit and plant efficiency.

SJVN has three hydroelectric projects, which are in under construction st, 210 MWLuhri Stage-I HEP & 382 MW Sunni Dam HEP on River Satluj and 66 MW Dhaulasidh HEP on river Beas in Himachal Pradesh.

At Luhri Stage-I HEP, Environment Management Plan (EMP) amounting to Rs.148.60 crore along with a Corporate Environment Responsibility (CER) plan amounting to Rs.8.6 crore are being implemented. Some measures taken at the project site are as follows:

i. A playground at Government Primary School, Koel has been developed under CER by funding an amount of Rs. 5 lakhs.

ii. For PHCs of Neether, Koel, Nirath and Shamathala, First Aid/ Medical equipment amounting Rs. 6.9 lakhs have been provided for medical treatment of locals.

iii. Environment Lab has also been set up at project site.

Sunni Dam HEP is in early stages of construction. An amount of Rs.305.46 crore has been kept for implementation of various measures proposed in Environment Management Plan.

Dhaulasidh HEP, EMP amounting to Rs.34.14 crore is being implemented. Some measures are as follows:

i. For Fisheries Management Plan (FMP), an amount of Rs.70 Lakh was deposited to HP Fisheries Department

ii. EarlyWarning system for floods prediction has been installed.

iii. 2 STPs in the project site and 1 STP near office building have been installed.

iv. RoofTop solar panel system (50 KW) has been commissioned.

v. 111nos. solar lights have been installed in Hamirpur, Bilaspur, Kangra and Chamba districts.

vi. Jute bags were also distributed among the labour employed and the local people.

SJVN Corporate Headquarters (CHQ) is designed and constructed with green building concept equipped with STP of 90 KLD per day capacity for waste water recycling, rain water harvesting system with capacity of 50 KL, natural lighting with provision of sky light glasses, centralized HVAC system, intelligent/automatic sensor-controlled illumination system for conservation of electricity, etc. Owing to these efforts, CHQBuilding has obtained four-star GRIHA rating. Various aspects are as follows:

i. 140 kWP On-Grid Solar Power Plant has been installed.

ii. Water Solar Heating System of 5000 Ltr. Capacity has been installed.

iii. A recycling plant is installed to convert kitchen waste into compost.

iv. AAC blocks are being used in construction of Auditorium Block and Guest House.

v. Bio-Diversity Park was developed near CHQ in association with Municipal Corporation, Shimla.

SJVN celebrated World Environment Day on 5th June 2024 and organized 'Swachhta Pakhwara' in October 2024 to aware the employees and locals. Pledge for environment protection/conservation and talks on environmental aspects were delivered. In addition, Declamation, Drawing, Photography, awareness programs, etc. were also organized to aware the employees and locals. Large scale plantation programs were also undertaken to raise awareness about environmental issues and inculcating a sense of responsibility and stewardship towards our planet.

14. CSR AND SUSTAINABILITY

An annual report of Corporate Social Responsibility, highlighting the Company's CSR Policy, details of expenditure on CSR and overview of projects/ programs/ activities undertaken by the Company during FY 2024-25 and Summary of Impact Assessment in format prescribed under Companies (CSR Policy) Rules 2014 is annexed as Annexure-V and forms an integral part of this Directors' Report.

15. REHABILITATION AND RESETTLEMENT

SJVN, being conscious of its responsibilities towards society, is committed to execute and operating power projects in a socially responsible manner by adopting generous Rehabilitation & Resettlement (RSR) measures for the benefit of Project Affected Families (PAFs) by investing in the socio-economic development of communities to continually minimize potential negative impacts as well as to establish the sustainable positive impact of projects on them.

Well before any project is taken up for execution, Social Impact Assessment (SIA) study is carried out to ensure that the potential socio-economic benefits accrued from the project outweigh the likely social costs and adverse social impact. Public consultation meetings with the stakeholders are held by the project authorities to make local communities aware of developmental facilities to be created in the fields of health, education, sanitation, drinking water, approach roads and other community assets of the project and their benefits to the society. Subsequently, the RSR plan is devised based on conclusive findings derived from the socio-economic survey carried out by an independent expert agency. The RSR plan thus devised and approved essentially prescribes mitigation measures for the reconstruction and regeneration of economies of the PAFs. During the implementation stage of the RSR plan, regular monitoring of RSR activities is conducted through an external independent agency to ensure the timely extension of RSR benefits to the PAFs. Subsequently on completion and implementation of the RSR plan, social impact evaluation is carried out by an independent external agency to assess various tangible and intangible benefits accrued in the area of socio-economic development. To have constant interaction with local people, a Project Information Centre is set up at project level.

SJVN has implemented/ implementing R&R Plans in 07 Power Stations/ Projects:

1. Nathpa Jhakri Hydro Power Station (NJHPS,1500 MW)

2. Rampur Hydro Power Station (RHPS, 412 MW)

3. Naitwar Mori Hydro Power Station (NMHPS, 60 MW)

4. Luhri Hydro Electric Project Stage-I (LHEP, Stage-1,210 MW)

5. Sunni Dam Hydro Electric Project (SDHEP, 382 MW)

6. Dhaulasidh Hydro Electric Project (DSHEP,66 MW)

7. Buxar Thermal Power Project (BTPP,1320 MW)

The details of R&R benefits extended to PAFs in above Power Station/ Power Project are given as under

Sr. No.	Project	State	District	No. of Project Affected Families (PAFs)	% of PAFs covered under R&R benefits	R&R monetary benefits to PAFs. (Rs in Cr.)	LADF payable Amount (Rs in Cr.)	LDF Amount released so far (Rs in Cr.)	Remarks
1	NJHPS	Himachal Pradesh	Shimla & Kinnaur	480	100%	63.36	NA	NA	Projects has been commissioned and R&R activities has been concluded.
2	RHPS	Himachal Pradesh	Kullu & Shimla	139	100%	65.72	55.26	55.26	Projects has been commissioned and R&R activities has been concluded.
3	LHEP-1	Himachal Pradesh	Shimla & Kullu	1102	95.73%	44.78	28.69	Nil	LADF to be released after signing of Implementation Agreement (IA). The matter is sub-judice with GoHP.
4	SDHEP	Himachal Pradesh	Shimla & Mandi	2731	75%	100.11	38.33	Nil	LADF to be released after signing of IA with GoHP. The matter is sub-judice with GoHP.
5	DSHEP	Himachal Pradesh	Hamirpur	5	60%	00.62	10.34	Nil	LADF is to be released after signing of IA. The matter is sub-judice with GoHP.
6	NMHPS	Uttarakhand	Uttarkashi	94	100%	10.39	Nil	Nil	R&R Plan of NMHPS is being implemented.
7	STPL	Bihar	Buxar	2647	100% (in process)	103.23	Nil	Nil	Rehabilitation grant of Rs. 21.54 cr. has been provided to 581 PAFs. Besides, R&R monetary benefits, community development and infrastructure work in project affected areas is of Rs. 60 Cr.

Besides above 07 power projects, the followings projects are under survey and investigation stage and their R&R status is as under

1. Jakhol Sankri Hydro Electric Project Uttarakhand (JSHEP, 44 MW): Land acquisition as per RFCTLARR Act, 2013 is under process. The R&R plan for Project Affected Families (PAFs) has been prepared inline with RFCTLARR Act, 2013 and approved by Govt of Uttarakhand.

2. Devsari Hydro Electric Project Uttarakhand (DHEP, 194 MW): Land acquisition process under RFCTLARR Act, 2013 is in progress. The R&R plan for Project Affected Families (PAFs) is prepared in line with RFCTLARR Act, 2013 and is approved by the Govt, of Uttarakhand.

3. Etalin Hydroelectric Project, Arunachal Pradesh (Etalin HEP, 3097 MW): The Land Compensation Amount of Rs. 269.97 Cr. has been remitted with the Deputy Collector (DC), Dibang Valley District, Arunachal Pradesh. The compensation amount to the stakeholders, is under disbursement process.

4. Attunli Hydroelectric Project, Arunachal Pradesh (Attunli HEP, 680 MW): The SIA report has been accepted and approved by the Govt, of Arunachal Pradesh. The preliminary notification under section -11 of RFCTLARR Act, 2013 has been issued. Land survey completed and assessment of properties on the land under acquisition is under process.

5. Emni Hydroelectric Project (Emni HEP, 500 MW), Amulin Hydroelectric Project (Amulin HEP, 420 MW) and Mihundon Hydroelectric Project (Mihundon HEP, 400 MW) Arunachal Pradesh: The projects are under survey & investigation stage.

Social Impact Evaluation (SIA): The SIA studies of R&R implementation of projects are carried out by the specialized agencies. Also the SIA reports reveal that R&R implementation in the project affected areas has substantially enhanced the socio-economic standard of the local population on various development parameters like economy, health, education etc. The World Bank Mission has monitored the R&R activities carried out in NJHPS and RHPS and recognised SJVN's R&R activities asunder

'The success of the resettlement activities undertaken in these project are quite rare for India and can be considered as one of the best examples of resettlement implementation in bank assisted projects in India. It should be considered as an example for other projects'.

16. RESEARCH AND DEVELOPMENT

SJVN has been continuously striving for excellence in its core area of power generation by showing commitment towards research and development, innovation, technology up-gradation, and product development.

Specific areas in which R&D/Innovations have been carried out during FY 2024-25 are:

1. To reduce the downtime of machines, The Bottom Removal of Kaplan Turbine & its components is under adoption at LHEP-1 Project.

2. India's first Multipurpose (Combined Heat & Power) Green Hydrogen Pilot Project of capacity 20 NM3/hr Green Hydrogen and 25 kW of Green Power was commissioned at NJHPS, Jhakri.

3. SJVN has established partn erships/collaborations with several academic institutions,for the fiscal year 2024-25, as detailed below.

a. IIT Madras: Development of Alternative material for improved Silt and Cavitation erosion resistance coatings of hydro turbine components.

b. IIT Delhi:

¦ Ongoing studies on High performance concrete for high sluice spillways of dams and barrages.

¦ Establishment of a research facility to analyse the sediment erosion on the uncoated and coated guide vanes of hydro turbines.

c. IIT Roorkee: Development of prototype HydrokineticTurbine based on lab scaled model.

d. IIT Patna: Development of Advanced Geological Predictive Model in Tunnelling Projects by Integrating Geo-technical data and predictive analytics at SJVNL site (Sunni Dam) in Himachal Pradesh.

Apart from above R&D, 18 no. innovative/technological upgradation measures were also taken at Project sites & Corporate Headquarter of SJVN to enhance the operational efficiency of the company. The total expenditure by SJVN for R&D/ Innovations initiative works for the FY 2024-25 was INR 34.17 Cr. (including taxes).

17. INTEGRATION OF THE GOVERNMENT E-MARKETPLACE (GEM) WITH ITS SAP S/4 HANA ERP SYSTEM:

During the financial year, SJVN achieved a significant milestone in enhancing transparency and operational efficiency by successfully integrating the Government e-Ma rketplace (GeM) with its SAP S/4 HANA ERP system. This strategic integration allows seamless flow of contract data from GeM directly into SJVN ' s ERP platform through a dedicated GeM integration layer.

One of the key advantages of this integration is the automatic reflection of payment status updates

to vendors when updated in SAP S/4 HANA system. Once payments are processed and updated in SJVN's SAP S/4 HANA system, the corresponding information becomes instantly available to vendors through their GeM accounts. This initiative not only streamlines internal procurement processes but also enhances transparency and communication with vendors by providing payment status visibility.

The integration reaffirms SJVN's commitment to adopt digital solutions that promote accountability, improve vendor satisfaction, and align with the Government of India ' s vision of digital governance and ease of doing business. '

18. HUMAN RESOURCES

(I) Employees and Workers including differently abled:

S. No.	Particulars	Total (A)	Male		Female
			No. (B)	%(B/A)	No. (C) %	(C/A)
	Employees
1	Permanent (D)	1102	987	89.56	115	10.44
2	Other than Permanent (E 1 )	198	175	88.38	23	11.62
3	Total Employees (D+E)	1300	1162	89.38	138	10.62
	Workers
4	Permanent (D)	247	215	87.04	32	12.96
5	Other than Permanent (E 1 )	60	59	98.33	1	1.67
6	Total Employees (D+E)	307	274	89.25	33	10.75
(ii) Differently abled Employees and Workers:
S. No.	Particulars	Total (A)	Male		Female
			No. (B)	%(B/A)	No. (Rs) %	(C/A)
	Differently abled Employees
1	Permanent (D)	23	20	86.96	3	13.04
2	Other than Permanent (E 1 )	2	2	100	0	0
3	Total Employees (D+E)	25	22	88	3	12
	Differently abled Workers
4	Permanent (D)	8	7	87.5	1	12.5
5	Other than Permanent (E 1 )	0	0	0	0	0
6	Total Employees (D+E)	8	7	87.5	1	12.5

Committing towards continuous growth and development, SJVN gives utmost importance to the enrichment of employee skills and knowledge. In the financial year 2024-25,04 Online Programs, 69 In house Programs and 170 External Programs were conducted.

The trainings were imparted through organizations of national repute like IIM's, IIT's, CVC, NPTI, Administrative Staff College of India, CIGRE, NAHRD, CBIP, DPE, THDC, ESCI, INCOLD, CBIP, SCOPE, GSI training Institute, Department of Administrative Reforms and Public Grievances, Rashtriya Raksha University, Dam Safety Society, American Solar Energy Society, EPFO, Rajbhasha Academy, BIS, Indian Institute of Corporate Affairs, Central Water & Power Research Station, NPC, ECI etc.

The training programs were conducted on diverse topics like, Corporate Governance, Adaptation to changing landscape 'MY VIKSIT BHARAT-2047', Energy Transition in India & Beyond-Challenges, Opportunities & way forward, Regulatory and Policy Framework in Power Sector, Cyber Security, National Program on Enhancing Preventive Measures Based on CVC Guidelines, FEMA Regulations and Compliance in Overseas Investment, Electrical Safety Procedures & Accident Prevention, Solar PV Power Plant & Grid Integration, Transformer Protection, Awareness session on ABMS (ISO 37001), Government e-Marketplace & Preventive Vigilance in Procurement, Workshop on Public Private Partnership Projects, Certified Welding Inspector, Substation Automation, Contract management A Dispute Resolution in Engineering Projects, 'Latest Technologies for Rehabilitation and Dam Safety', AutoCAD, Training on FIDIC Construction Claims, Safety Evaluation of Existing Dams International Technical Seminar, New Emerging Technologies in Power Sector : Transition to Net Zero, Financial New Trends in Power Sector, Emotional Intelligence, CDA Rules, Ethics, Governance & Cyber Security, Avoiding Costly Mistakes in Land Acquisition & Resettlement, Maximizing Social Return on Investment (SROI), POSH, Gender Sensitization.

To inculcate SJVN core values among employees, motivate and develop them diverse training programs organized by SJVN. To prepare employees for role change, future leadership roles and develop them series of specialized training programs namely 'Kayantran- Future Fit' were conducted for SJVN executive through IIMs, NPTI and ASCI.

Training program on occasion of International Women's Day 2025 was organized at Shimla on 8th March, 2025, wherein Mrs. Satwant Atwal, ADGP, GoHP and Dr. Puja Negi Rajta, Associate Professor, IGMC, Shimla, were invited as motivational Speaker. The program was attended by women employees posted at various proj ects/offices located across SJVN'.

Further, the Company is complying with all the provisions of Maternity Benefit Act, 1961.

19. INDUSTRIAL RELATIONS

Regular Meetings are held with the representatives of the various Associations / Unions to sort out the local issues as well as policy related matters. Recreational, Cultural and Sports functions on different occasions were also held, thus, resulting in better employee-employer relations and cordial industrial relations were maintained during the year.

20. STATUTORY AND OTHER INFORMATIONS

The information required to be furnished as per the Companies Act 2013, SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, Government Guidelines, and Code of Corporate Governance of your Company, on the following matters is placed at respective annexures and form integral part of Directors Report: -

a. Management Discussion and Analysis - Annexure - 1

b. Report on Corporate Governance - Annexure - II

c. Certificate from Practicing Company Secretary on Corporate Governance- Annexure - III

d. Information on Conservation of Energy, Technology Absorption and Foreign Exchange earnings and out go -Annexure -IV

e. Annual Report on Corporate Social Responsibility & Sustainability- Annexure -V

f. Business Responsibility and Sustainability Report & BRSR Reasonable Assurance - Annexure - VI

g. Certificate regarding Non-Disqualif icati on of Directors - Annexure - VII

h. Secretarial Audit Report - Annexure - VIII

21. DIRECTORS' RESPONSIBILITY STATEMENT The Directors' state that:

¦ in the preparation of the annual accounts for the year ended March 31, 2025, the applicable Accounting Standards read with requirements set out under Schedule III to the Act, have been followed along with proper explanation relating to material departures, if any; the Directors have selected such accounting policies and applied them consistently except as disclosed in the Notes on Accounts and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31,2025 and of the profit of the Company for the year ended on that date;

the Directors have taken proper and sufficient care for the maintenance of adequate accounting

records in accordance with the provisions of the Act for safeguarding the assets of the Company

and for preventing and detecting fraud and other irregularities;

the Directors have prepared the annual accounts on a 'going concern' basis;

the Directors have laid down internal financial controls to be followed by the company and that

such internalfinancial controls are adequate and are operating effectively; and

the Directors have devised proper systems to ensure compliance with the provisions of all

applicable laws and that such systems are adequate and operating effectively.

22. DECLARATION OF INDEPENDENCE BY INDEPENDENT DIRECTORS

Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as provided under Section 149(6) of the Companies Act, 2013 and under Regulation 16(1)(b)of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

23. SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards during the Financial Year ended 31.03.2025.

24. SEXUAL HARASSMENT PREVENTION

SJVN has implemented the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 in its entirety.

Internal Complaints' Committees as per the provisions of the act have been constituted at Corporate Office and Projects sites of SJVN.

Summary of Sexual harassment issues raised, attended and dispensed during the year 2024-25 has been disclosed in Report on Corporate Governance.

25. RISK MANAGEMENTFRAMEWORK

SJVN has implemented Risk Management Framework as per ISO 31000:2018 consisting of the following :-

1. Risk Identification and Assessment: SJVN conducts thorough identification of potential risks that could impact the organization's objectives and assessment processes across its projects and departments based on their likelihood and potential impact. This includes evaluating both internal factors (such as operational risks, financial risks, and compliance risks) and externalfactors (such as market risks, regulatory risks, and environmental risks).

2. Risk Mitigation Plan: Once risks are identified, SJVN develops risk mitigation plan to address identified risks. These plans involve implementing preventive measures, establishing control mechanisms, and implementing best practices to minimize the likelihood and impact of risks. For opportunities, SJVN devises action plans to maximize their potential benefits and value.

3. Regular Risk Review and Reporting: SJVN conducts periodic reviews of risks by organising meetings at project & corporate level and opportunities to ensure their relevance and effectiveness. Frequency of Project level Risk steering committee meeting is quarterly basis and for corporate level Risk steering committee meeting is half yearly basis. The Risk Management committee of SJVN board convenes on biannual basis.

4. Preventive Actions and Continuous Improvement: SJVN emphasizes the implementation of preventive actions to address potential risks proactively. This involves conducting risk assessments, identifying control gaps, and implementing measures to strengthen controls and reduce the likelihood of risks occurring. The organization also fosters a culture of continuous improvement, regularly evaluating and enhancing risk management practices. For continuous improvement annual Risk audit is also conducted from external agency to check the compliance of 13031000:2018.

5. Training and Awareness: SJVN provides training and awareness programs to its employees to enhance risk identification, assessment and control capabilities. This ensures that employees across the organization understand their roles and responsibilities for protecting organisational assets, operations & reputations from potential harm and capitalizing on opportunities.

26. SECRETARIAL AUDIT

The Board appointed Shri Santosh Kumar Pradhan, Practicing Company Secretary, to conduct Secretarial Audit for the Financial Year 2024-25. The Report of the Secretarial Auditors for the year ended 31.03.2025 is placed at Annexure-VIII. Reply of Board to observations of Secretarial Auditor is placed at Annexure-IX.

In compliance to Regulation 24A of SEBI Listing Regulations, Secretarial Audit Report of SJVN Thermal Private Limited (STPL) and SJVN Green Energy Limited (SGEL) which are material unlisted subsidiary of SJVN, are also given along with Secretarial Audit Report of the Company.

27. STATUTORY AUDIT

M/s Charanjit Singh & Associates, Chartered Accountants, were appointed by Comptroller & Auditor General as Statutory Auditors of the Company for the financial year 2024-25.

The Report of the Statutory Auditors to the Members on the Standalone and Consolidated Accounts for the year ended 31.03.2025 is placed at Annexure-X and Annexure-XIII respectively. Reply of Board to observations of Statutory Auditor on Internal Financial Control on the Standalone and Consolidated Accounts are placed at Annexure-XI and Annexure-XIV respectively. Observations/ Comments of the Comptroller and Auditor General (C&AG) of India on the Standalone and Consolidated Accounts for the year ended 31.03.2025 are placed at Annexure-XII and Annexure-XV respectively. Comments of C&AG being NIL the reply by the Board thereto is not applicable.

28. ANNUAL RETURN

The Draft Annual Return in Form MGT-7 as required under Section 92(3) of the Companies Act, 2013 can be accessed at Investor Relation Section on SJVN website www.sjvn.nic.in.

29. COSTRECORDS AND AUDIT

Pursuant to the Central Government directions to audit Cost Accounting Records as maintained by the Company, your Company appointed M/s A.J.S. & Associates, Cost Accountants, as Cost Auditor for the financialyear 2023-24. The Cost Audit Report for the year ended 31 51 March 2024 was filed with MCA on 09.10.2024.

30. INTERNAL FINANCIAL CONTROL SYSTEM

Internal controls are the mechanisms, rules, and procedures implemented by a company to ensure the integrity of financial and accounting information, promote accountability and prevent fraud. Financial controls are processes, policies, and procedures that are implemented to manage finances.

The company has adequate internal control system and the transactions/processes are guided by

delegation of powers, policies, rules, guidelines and manuals framed in compliance with relevant laws and regulations. The organizational structure is well defined in terms of structured authority/responsibility involved at each particular hierarchy/level.

The company has sufficient internal control over financial reporting to ensure assurance regarding the reliability of financial reporting and in the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

In order to ensure adequacy of internal control system, internal audit is conducted by the independent Chartered Accountants firms in close co-ordination with company's own internal Audit Department. The internal Audit process includes review and evaluation of effectiveness of existing processes, controls and compliances. It also ensures adherence to rules, procedures, policies and systems and mitigation of the operational risks perceived for each area under audit.

It is also informed that significant Audit observations and Action Taken reports are placed before the Audit Committee headed by Independent Directors. The recommendation and directions of the Audit Committee are carried out and complied with.

31. RELATED PARTYTRANSACTIONS & POLICY

In compliance with the provisions of Regulation 23 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 188 of Companies Act 2013, the company has formulated a Policy on Materiality of Related Party Transactions and dealing with Related Party Transaction, duly approved by the Board of Directors.

All contracts/ arrangements/ transactions entered by the company during the financial year with related parties were in the ordinary course of business and on arm's length basis. During the year, the company had not entered into any contract/ arrangement/ transaction with related parties, which could be considered material in accordance with the policy of the company on materiality of related party transactions or provisions of SEBI (LODR) Regulations, 2015. Your attention is drawn to the standalone financial statements, which sets out the Related Party Disclosures under Note no. 2.45.

The Policy on Materiality of Related Party Transactions and dealing with Related Party Transaction has been disclosed on website of the Company and may be accessed at https://sjvnindia.com/UploadFiles/Page/264031039_PageDocumenLRPT%20P0LICY.pdf.

32. CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Indian Accounting Standard (Ind ASJ-110on Consolidated Financial Statements read with Ind AS-111 on Joint Agreements and Ind AS-112on Disclosure of Interest in other entities, the Audited Consolidated Financial Statements are provided in the Annual Report. Directors Report / Financial Statements in respect of following Subsidiary Companies are also included in this Annual Report: -

a) SJVN Thermal Private Limited;

b) SJVNGreenEnergy Limited;

c) SJVNArun-3 Power Development Company Private Limited, Nepal;

d) SJVN Lower Arun Power Development Company Private Limited Nepal;

e) SGEL Assam Renewable Energy Limited.

Statement containing salient features of the financial statements of Subsidiaries/ Joint Ventures of SJVN Ltd. pursuant to first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014, in form AOC-I forms part of the Consolidated Financial Statements.

33. DETAILS OF DIRECTORS OR KMP APPOINTED/ RESIGNED

During the FY 2024-25, the following changes took place in the composition of the Board of Directors or KMP of the Company: -

1. Smt. Geeta Kapur, Director (Personnel) who was also holding additional charge of Chairman and Managing Director pursuant to Ministry of Power's order dated 31.01.2024, ceased to be Director (Personnel) and also relinquished the charge of Chairman and Managing Director of the Company w.e.f. April 30, 2024, on account of her superannuation.

2. Shri Sushil Sharma, Director (Projects), SJVN Limited was entrusted with an additional charge of the post of Chairman & Managing Director and Director (Personnel), SJVN Limited with effect from

01.05.2024 for a period of three months or until further orders, whichever was earlier.

3. Shri Ajay Tewari, Additional Secretary, Ministry of Power (who also served as the Nominee Director of the Government of India on the Board of SJVN Limited) was relieved of his duties w.e.f. 31.05.2024 consequent upon his repatriation to the Government of Assam.

4. Shri Arindam Chaudhary, Special Secretary (Power), Government of Himachal Pradesh was appointed as a Part Time Official Director - Government of Himachal Pradesh Nominee and Shri Mohd. Afzal, Joint Secretary (Hydro), Ministry of Power, Government of India was appointed as a Part Time Official Director - Government of India Nominee on the Board of the Company with effect from July 12, 2024, till further orders.

5. Shri Akhileshwar Singh, Director (Finance) and Chief Financial Officer of the Company, was entrusted with an additional charge of the post of Director (Personnel), SJVN Limited with effect from 01.08.2024 for a period of three months or till a full-time incumbent is appointed or until

further orders, whichever is earlier.

6. Shri Sushil Sharma, Director (Projects), SJVN Limited was further entrusted with an additional charge of the post of Chairman & Managing Director with effect from 01.08.2024 for a period of three months or till a full-time incumbent is appointed or until further orders, whichever was earlier.

7. Shri Ajay Kumar Sharma has been appointed as Whole-time Director (Personnel) on the Board of the Company for a period of five years with effect from the date of assumption of charge i.e.,

26.09.2024.

8. Following three Directors ceased to be Independent Directors of the Company with effect from November 8, 2024, on account of completion of their respective tenure:

a. Dr.UdeetaTyagi;

b. Dr. Danveer Singh Yadav;and

c. Shri Saroj Ranjan Sinha.

9. Shri Raj Kumar Chaudhary, CMD, NHPC Limited was entrusted with additional charge of the post of the Chairman and Managing Director, SJVN Limited for a period of three (03) months w.e.f. date of assumption of charge i.e. November 28, 2024.

10. Shri Akhileshwar Singh ceased to be the Director (Finance) and Chief Financial Officer of the Company with effect from December 31,2024, on attaining the age of superannuation.

11. Shri Rajendra Prasad Goyal, Director (Finance), NHPC Limited was entrusted with an additional charge of the post of Director (Finance), SJVN Limited for a period of three (03) months w.e.f. the date of assumption of charge i.e. January 06, 2025.

12. Ministry of Power through order dated January 31,2025, extended the additional charge of the post of Chairman and Managing Director, SJVN Limited to Shri Raj Kumar Chaudhary, CMD, NHPC Limited with effect from 01.02.2025for a period of three months or till a full-time incumbent is appointed or until further orders, whichever was earliest.

The following changes took place during the current financial year 2025-26 till the date of the Director's Report:

1. Dr. Udeeta Tyagi has been re-appointed as an Independent Director on the Board of the Company w.e.f. April 17,2025.

2. Shri Raj Kumar Chaudhary, ceased to hold the additional charge of the post of Chairman and Managing Director, SJVN Limited w.e.f. 30.04.2025.

3. Shri Bhupender Gupta, Director (Technical), THDC India Limited, has been entrusted with the additional charge of the post of the Chairman and Managing Director, SJVN Limited, w.e.f.

01.05.2025.

4. Shri Arindam Chaudhary ceased to be the Part Time Official Director - Government of Himachal Pradesh Nominee w.e.f. 01.08.2025.

None of the Directors are inter-se related to each other.

The Board Meetings held during the Financial Year 2024-25 and the attendance of the Directors therein is mentioned in the Report on Corporate Governance.

34. BOARD LEVEL COMMITTEES

The composition of the Statutory Committees constituted as per the Companies Act 2013 and the SEBI Listing Regulations and the meetings held therein are mentioned in the Corporate Governance Report.

35. KEY MANAGERIAL PERSONNEL

In compliance with Section 203 of the Companies Act, 2013, following were the designated Key Managerial Personnel of the Company as on 31.03.2025: -

1. Shri Raj Kumar Chaudhary, Chairman & Managing Director;

2. Shri Sanjay Kumar, Chief Financial Officer (CFO);

3. Shri Soumendra Das, Company Secretary (CS).

36. IMPLEMENTATION OF OFFICIAL LANGUAGE

In order to ensure the implementation of the Official Language Policy of the Govt, of India, all possible efforts have been made by the company to achieve the targets as specified by the Department of Official Language.

Under section 3.3(1) of Official Language Act cent percent documents were issued bilingually & all the letters received in Hindi were replied to in Hindi. Company's website is in bilingual form and it is updated fromtimeto time.

To encourage executives and non-executives to do their entire work in Hindi, number of incentive schemes are under implementation namely Payment of increment of three months during the year, for doing his/her whole office work in Hindi and during the year and under this scheme a total 189 Employees/Officers were awarded cash prizes amounting to Rs12,73,860/-(Approx.).

During the review year 13 Hindi workshops/seminars have been organised and 325 no. of executives and non-executives have been trained. Organising of Hindi quiz competitions on national/important

occasions and other competitions (i.e. Nibhand (Essay writing), Chitra Adharit Kahani, Noting-drafting, Shabdarth gyan, Sulekh, On the spot Sambhashan lekhan, Sudh Ashudh Hindi Shabad lekhan, Hindi evm Samanya Gyan, Shabdawali Anuvad, Hindi Kavita, Hindi Vyakaran, Rajbhasha Niti & Hindi Shabad khoj evm Vakya Jod Competition) is a regular feature and besides this number of competitions were also organised during ' Hindi fortnight'. In these competitions 705 no. of employees were participated and awarded cash prizes amounting to 4,79,000/-

To popularise Hindi in a big way a 'Rajbhasha Sangoshit' was organised on 27.09.2024 and 28.03.2025 at Corporate Headquarter, Shimla and at 'Akhil Bhartiya Kavi Sammelan' was organised on 05.10.2024 at NJHPS, Jhakri.

Half yearly meetings of the Town Official Language Implementation Committee, Shimla (Office-2) constituted for the CPSUs & Banks etc. were held on 22.07.2024 & 13.12.2024.

The awards of TOLIC Rajbhasha Shield were given to the members of TOLIC, Shimla (Office-2) on 13.12.2024for the best performance in Official Language Hindi.

To give impetus to the multi-facet talent of employees an in-house bi-annual Hindi magazine 'Himshakti ' and on Annual basis issues of TOLIC in-house magazine 'Himsamvad' was published and circulated. During review year out of total expenditure on purchase of books, 90.31% of amount was spent on purchase of Hindi books.

37. AWARDS S ACHIEVEMENTS

1. it' April 2024 : SJVN won two prestigious awards during 15th CIDC Vishwakarma Awards 2024. The company was conferred 'Achievement Award for Creating Social Development & Impact' and 'CIDC Partners in Progress Trophy'.

2. 2T 1 June 2024 : SJVN recognized as Best-in-Class Workplace in Engergy, Oil&Gas Sector by Great Place to Work ™ , India.

3. 26 ,h July 2024 : SJVN's renewable arm SGEL bagged Best Large-Scale Solar Project (Commissioned Category) Award and Financial Deal of the Year Award in 4 th Annual Mercom India Award during Mercom India Renewables Summit 2024 in New Delhi.

4. 27 th July 2024 : SJVN conferred with prestigious 'Pollution Control, Waste Management, and Recycling Excellence Award' during PCWR Summit & Awards 2024.

5. 3 rd August 2024 : SJVN honored with Gold Award at 16th Exceed CSR Awards 2024 for outstanding achievements in Corporate Social Responsibility in Power (inclusive of Renewables) Sector category.

6. 12 th August 2024 : SJVN's renewable arm, SGEL conferred with 'Diamond Award for Utility Scale Company of Year in PSU Category' during Rajasthan Annual Solar Awards 2024.

7. 18 th October 2024 : SJVN bagged two prestigious Awards in SHRM India HR Awards 2024 in Public Sector Enterprises category. The Company was First Runner-up in 'SHRM Award for Excellence in Managing Workforce' and secured Second Runner-up position in 'SHRM Award for Excellence in Benefits and Wellbeing.'

8. 20 th November 2024 : SJVN conferred with First Prize in prestigious Swachhta Pakhwada Awards 2024byMoP,Gol.

9. 22 nd March 2025 : SJVN's 1500 MW NJHPS awarded with CBIP Award for Best Maintained Project in Hydro Sector.

38. OTHER MAJOR DEVELOPMENTS

1. 24 th April 2024 : SJVN inaugurated India's first Multi-Purpose (Combined Heat & Power) Green Hydrogen Pilot Project at 1500 MW Nathpa Jhakri Hydro Power Station in Himachal Pradesh.

2. 25 lh July 2024 : SJVN received Letter of Intent from Government of Mizoram for allotment of Darzo Lui Pumped Storage Projectthrough MOU route on nomination basis.

3. 2 nd August2024 : CCEA approved investment of Rs. 5792.36 crores (Cost to Completion) for 669 MW Lower Arun Hydro Electric Project (LAHEP) at levelized tariff of Rs. 4.99 per unit.

4. 8 th August 2024 : SJVN successfully commissioned 90 MW Omkareshwar Floating Solar Project in Madhya Pradesh.

5. 30 ,h August 2024 : SJVN's conferred with NAVRATNA status.

6. 2S' 1 September 2024 : SJVN signed two landmark MoUs with Government of Maharashtra for development of Pumped Storage Projects and Floating Solar Projects in Maharashtra.

7. 31 st December 2024 : SJVN signed MoU with Govt, of Bihar for 1000 MW Hathidah Durgawati PSP.

8. 7 th January 2025 : SJVN achieved Great Place to Work® Certification for 2025-26.

9. 10 th March 2025 : SJVN Signed MoU with Government of Chhattisgarh & CSPGCL for 1800 MWKotpali Pumped Storage Project.

39. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIES PROVIDED UNDER SECTION 186 OF COMPANIES ACT, 2013

Particulars of loans given, investments made, guarantees given and securities provided along

with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are as under :-

Particulars	Details
Loans given	Refer Note 2.6 and 2.14 to standalone financial statements
Investments made	Refer Note 2.5 to standalone financial statements
Guarantees given	Refer Note 2.49
Securities provided	Nil

40. DETAILS OF NON-CONVERTIBLE SECURITIES ISSUED

In FY 2021-22 Company has raised the fund of INR 1000 Cr. through private placement of NonConvertible, Redeemable Debenture at a coupon rate of 6.10% p.a having maturity at 5-year tenor. No new NCD was raised in the FY2024-25.

41. DETAILS OF EXTERNAL COMMERCIAL BORROWINGS (ECB)

SJVN has tied up the USD 500 Million from PNB Dubai/ Gift City in FY 2021-22 and subsequently revised the sanction to USD 300 MN and same has been disbursed and utilized toward capital expenditure in ongoing projects. The Total gross Outstanding Borrowings of PNB-Gift City was INR 2578.50 Cr as on

31.03.2025 (Previous Year INR 2474.03 Cr).

SJVN has also tied-up the ECB amounting to JPY15 Billion. The entire ECB will be utilized to meet out the Capital Expenditure of 100 MW Raganesda Solar Power Project in the state of Gujarat and 90 MW Omkareshwar Floating Solar Power Project in the state of Madhya Pradesh. The Total Outstanding Borrowings of ECB-JBIC was INR 816.21Crore as on 31.03.2025 (Previous Year INR 826.31Crore).

The Outstanding foreign currency loan from World Bankfor Financing RHPS was INR 939.30 Crore as on

31.03.2025 (Previous Year INR 1187.71 Cr).

42. GENERAL

Directors of your Company state that no disclosure or reporting is required in respect of the following items as there were no transactions/ events on these items/ matters during the year under review:

1. The Company has not accepted any deposits during the year under review.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

4. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

5. There have been no Material Changes and Commitments affecting the financial position of the company which have occurred between the end of the financial year 2024-25 and the date of this report.

6. The company has not made any buyback of shares during the year under review.

7. There have been no changes in the nature of business of the company during the year.

8. No application was made or any proceeding was pending against SJVN Limited under the Insolvency and Bankruptcy Code, 2016 during the financial year 2024-25.

43. ACKNOWLEDGEMENT

The Board of Directors acknowledge with deep appreciation, the co-operation and guidance extended by various Ministries/Departments of the Government of India, particularly, Ministry of Power, Ministry of New & Renewable Energy, Ministry of Finance, Ministry of External Affairs, Ministry of Environment & Forest, Central Electricity Authority, Central Water Commission, Geological Survey of India, the Government of Nepal, the Government of Himachal Pradesh, State Governments of Bihar, Uttarakhand, Gujarat, Uttar Pradesh, Maharashtra, Assam, Arunachal Pradesh, Jharkhand, Rajasthan, Punjab, Madhya Pradesh, Mizoram and Odisha the State Electricity Boards and the World Bank.

Your Directors also convey their gratitude to the shareholders, various international and Indian banks and financial institutions for the confidence reposed by them in the Company. The Board also acknowledges and appreciates the contribution made by Contractors, Vendors, Consultants and others for achieving the planned goals of the Company.

The Board also places on record its deep appreciation of valued cooperation extended by the Office of the Comptroller and Auditor General of India and the Auditors. Last but not least, the Board commends the hard work and dedicated efforts put in by the employees of the Corporation including the employees on deputation at all levels.

For and on behalf of Board of Directors

	(Bhupender Gupta)
Date: 11.08.2025	Chairman & Managing Director
Place: New Delhi	DIN: 06940941