Devsari Hydroelectric Project Suspension
INR 250 crore already spent on the project which has been halted by environmental concerns and Supreme Court proceedings. Recovery of capital is uncertain pending government intervention.
SJVN / Q2-FY25 / risks
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Arun 3 Project PPA Not Signed
Management admitted PPA has not been signed for Arun 3 and they are planning to float a fresh tender, creating revenue uncertainty for this flagship Nepal project expected September 2025.
Buxar Thermal Project Delay
First unit commissioning slipped from October-December 2024 to January 2025 due to rail infrastructure issues. Second unit targeted June 2025. Coal transportation via 5 km road from Chausa railway station may create operational constraints.
PPA Cancellation Risk in REIA Portfolio
Management acknowledged that hybrid tender prices have moved from 350 paise to 319 paise per unit, creating incentive for developers to abandon higher-priced PPAs. Some projects may face termination risk.