SJVN, Bihar Government Partner For Rs 5,663-Crore Pumped Storage Project

SJVN Ltd. signed a memorandum of understanding with the Bihar government in Patna on Tuesday to develop the 1,000 MW Hathidah Durgawati Pumped Storage Project and other PSPs across the state.

The estimated project cost is Rs 5,663 crore, with a levelised tariff of Rs 9.39 per kWh, based on the February 2024 price levels and an assumed pumping energy rate of Rs 3 per kWh, according to an exchange filing.

The development of these PSPs in Bihar is expected to generate direct and indirect employment for approximately 5,000 people and attract investments worth Rs 10,000 crore.

In August 2022, the Ministry of Power designated SJVN as the nodal agency for developing the PSPs in Bihar. Subsequently, the company was allotted four projects, including Telharkund PSP (400 MW), Sinafdar PSP (345 MW), Panchgotia PSP (225 MW), and Hathidah Durgawati PSP (1,600 MW).

SJVN identified Hathidah Durgawati PSP as the most viable project and prepared a feasibility study report for its development, proposing a capacity of 1,000 MW.

Located on the Durgawati river in Kaimur district, Bihar, the Hathidah Durgawati PSP is designed with an installed capacity of 1,000 MW (4x250 MW), capable of generating 6.325 million units of peak energy daily and 2308.65 MU annually.

SJVN is currently working on approximately 12,000 MW of pumped storage projects across Maharashtra, Karnataka, Mizoram, and Himachal Pradesh, furthering its commitment to renewable energy development.

Shares of SJVN closed 0.87% higher at Rs 104.41 per share on the NSE, compared to a 0.10-point decline of NSE Nifty 50. The stock has risen 14.80% in this year.