SJVN Ltd. announces a new order win
TL;DR
What is the total capital expenditure incurred for the 75 MW Jamui solar project, and how does the tariff rate for this specific asset compare to the weighted average tariff of SJVN’s existing operational solar portfolio?
The 75 MW Jamui solar project was completed at an estimated capital expenditure of Rs 342 Crores [1]. Its tariff rate of Rs 2.96 per kWh [2] is moderately higher than the weighted average tariff of SJVN’s existing operational solar portfolio, which stands at approximately Rs 2.60 to Rs 2.70 per unit [3].
Capital Expenditure and Tariff Breakdown
- Jamui Project Capex: Rs 342 Crores for the 75 MW capacity [1], translating to an implied unit capex of approximately Rs 4.56 Crores per MW.
- Jamui Tariff Rate: Rs 2.96 per kWh, approved by the Bihar Electricity Regulatory Commission (BERC) for power supply to Bihar State Power Holding Company (BSPHCL) [2].
- Operational Solar Portfolio Tariffs: SJVN's existing operational solar assets exhibit individual tariffs ranging from Rs 2.57 per unit (1,000 MW Bikaner project in Rajasthan) to Rs 3.92 per unit (70 MW Dhubri project in Assam) [4]. Other key operational assets include Parasan at Rs 2.68 per unit, Raghanesda at Rs 2.64 per unit, and Omkeshwar Floating at Rs 3.26 per unit [4].
Analytical Implications
Jamui's tariff of Rs 2.96 per kWh sits above SJVN's portfolio-wide weighted average of Rs 2.60–2.70 per unit [3]. This variance is driven by project scale and regional procurement dynamics: mega-scale interstate transmission system (ISTS) projects such as the 1,000 MW Bikaner plant pull the portfolio average down via economies of scale at Rs 2.57 per unit [4], whereas state-level competitive bidding rounds in regions like Bihar and Assam capture moderate premiums (such as Jamui at Rs 2.96 [2] and Dhubri at Rs 3.92 [4]).
With the commissioning of the Jamui project, what is the updated total installed capacity for SJVN, and what is the remaining capacity pipeline scheduled for COD in FY25 as per the latest investor presentation?
Following the commissioning of projects including the 75 MW Jamui Phase-I solar project, SJVN's total operational installed capacity stands at 4,196.50 MW across 15 power stations, as per the March 2026 investor presentation [5]. The total broader portfolio—including projects under construction and pipeline assets—stands at 21,341 MW [4].
Capacity Breakdown and Status
- Operational Capacity: 4,196.50 MW across 15 units, comprising Hydro (1,972 MW across 3 stations), Thermal (660 MW across 1 station), and Solar/Wind (1,564.50 MW across 11 stations, which includes Jamui Phase-I) [4].
- Projects Under Construction: 3,926.50 MW across 14 projects (comprising 1,561.50 MW of hydro, 660 MW of thermal, and 1,705 MW of solar) [4].
- Projects in Pipeline: 13,218 MW across 21 projects (comprising 5,848 MW hydro, 800 MW thermal, 1,550 MW solar, and 5,020 MW pumped storage plants) [4].
FY25/FY26 Schedule Context
The investor presentation is dated March 2026 (Financal Year 2025-26) [4]. Major capacity additions such as Jamui Phase-I (75 MW), Bikaner SPP (1,000 MW), and Dhubri (70 MW) are recorded as operational additions achieved during FY 2025-26 [4]. Remaining major near-term commissioning schedules extend into FY 2026-27 and later, such as the second unit of Buxar Thermal Power Plant (660 MW) and Dhaulasidh HEP (69.50 MW) scheduled for Q4 FY 26-27 [4].
How does the expected Plant Load Factor (PLF) for the Jamui project in Bihar compare to SJVN’s solar assets in high-irradiation states like Rajasthan, and does this project benefit from any specific state-level solar policy incentives?
SJVN’s 75 MW Jamui solar project in Bihar operates at a significantly lower expected Plant Load Factor (PLF) than its flagship 1,000 MW Bikaner solar park in Rajasthan [6]. This variance reflects regional irradiation differences between eastern and northwestern India.
Plant Load Factor (PLF) Comparison
- Notes: †Derived from 90 million units divided by [75 MW × 8,760 hours]. ‡Derived from 2,454.84 million units divided by [1,000 MW × 8,760 hours].*
State-Level Policy Incentives and Framework
- Tender Structure: The Jamui project was developed pursuant to a competitive tender floated by the Bihar Renewable Energy Development Agency (BREDA) [6], with all generated power contracted for supply to the state of Bihar [6].
- Tariff & Economic Viability: The long-term tariff is fixed at Rs 2.96 per unit [6], providing revenue visibility but lacking the high-tariff advantages seen in peak-power or specialized storage tenders.
- Disclosure Gap on Fiscal Incentives: Specific state-level policy incentives—such as electricity duty exemptions, land-cost concessions, or transmission waivers under a dedicated Bihar solar policy—are not explicitly detailed in the available disclosures, unlike Rajasthan's structured policy exemptions (e.g., electricity duty waivers under the Rajasthan Solar Policy) [2].*
Sources
- [1]SJVN achieves COD of 75 MW Jamui solar project in Bihar — Scanx, 2026-08-12T00:00:00
- [2]Regulatory Digest May Edition — Powerpeakdigest, 2026-05-02T00:00:00
- [3]Rating Rationale — Crisil, 2026-08-11T00:00:00
- [4]Fetched web page — Sjvn, 2026-08-12T08:06:36.536508
- [5]SJVN achieves Commercial Operation Date of 75 MW Jamui ... — Bureaugram, 2026-08-12T08:06:43.360204
- [6]SJVN achieves COD of 75 MW Jamui solar project in Bihar — Energywatch, 2026-08-12T00:00:00
- [7]SJVN Operationalises 1,000 MW Bikaner Solar Project with ₹5,492 Crore Investment for Three States — Sahi, 2026-07-06T00:00:00
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