Maintaining Good Execution Pace Despite Challenges: ICICI Securities


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Significant progress has been made by NHPC Ltd.’s Subansiri Lower Hydroelectric Project, despite challenges. Till date, 84% of the estimated capex has been incurred (Rs 161.8 billion).

While the first two units are expected to be commissioned by March 2023, the remaining six units will go on-stream over FY24E. The associated transmission systems are also likely to be commissioned by March 2023. Thus, FY25 will be the first full year of operations, while FY24 will have part operations (50-60%).

For Parbati-II, we expect the balance two units to be commissioned by Q3 FY24 as geological constraints are delaying the completion of head race tunnel excavation.

NHPC has signed several memorandum of understandings/agreements for developing renewable energy projects as well as for new hydro projects, and has made substantial progress in several other under-construction hydro elelctric powers.

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