Chenab Valley Power Projects

What Chenab Valley Power Projects does

Chenab Valley Power Projects Limited (CVPPL) is a government joint venture between NHPC Limited (51%) and Jammu & Kashmir State Power Development Corporation (49%), incorporated on 13 June 2011 to harness the hydroelectric potential of the Chenab River basin in Kishtwar district, Jammu & Kashmir. The company is entrusted with four hydroelectric projects aggregating 3,094 MW of installed capacity — Pakal Dul (1,000 MW), Kiru (624 MW), Kwar (540 MW), and Kirthai-II (930 MW) — to be developed on a Build, Own, Operate and Maintain (BOOM) basis. Three projects are under active construction (foundation stones laid 2018-2022) and the fourth is pending regulatory approvals following a 2021 MoU. Core technology centers on run-of-river schemes, high-head dams (109m to 167m), underground power houses with multiple generating units, and tunnel boring machine excavation through Himalayan geology.

Revenue will be generated exclusively through long-term Power Purchase Agreements with three state-owned distribution utilities — JKPCL, UPPCL, and CSPDCL — under regulated cost-plus tariffs, but CVPPL has not yet commissioned any commercial generation and is presently pre-revenue. The company is financed through sponsor equity from NHPC and JKSPDC plus term loan facilities from PFC Limited and REC Limited signed in 2024. Operations are supported by a corporate office in Jammu, project site offices in Kishtwar, an ERP platform, an E-Office automation system, and a small workforce of 51-100 employees. Leadership transitioned in December 2023 with the appointment of Ramesh Mukhiya as Managing Director, while Suresh Kumar (IAS Retd.) serves as Chairman.

Name

Chenab Valley Power Projects

Legal name

Chenab Valley Power Projects Limited

Website

https://cvppindia.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

51–100 employees

Short description

Chenab Valley Power Projects (CVPPL) is a government joint venture between NHPC and JKSPDC developing four hydroelectric projects totaling 3,094 MW in Jammu & Kashmir's Chenab basin, selling power under long-term PPAs to state distribution utilities.

Ownership category

akta.pro rank

Product category

Hydroelectric Power Generation

NAICS

Hydroelectric Power Generation (221111), Utility System Construction (2371), Electric Power Generation, Transmission and Distribution (2211)

SIC

General Bldg Contractors - Nonresidential Bldgs (1540), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Reservoir/Impoundment Hydroelectric Generation (EUACAEAB)

akta.pro secondary industries

Hydropower EPC & Civil Construction (Dams, Weirs, Tunnels, Penstocks) (EUAMADAB), Hydropower Operations, Maintenance & Asset Management (O&M, Spares, Performance) (EUAMADAE), Hydropower Plant Development & Permitting (Greenfield/Brownfield) (EUACAEAE)

Keywords

• Hydroelectric power generation
• Run-of-river projects
• Power project development
• BOOM infrastructure
• Utility power supply

Headquarters

HQ city

Jammu

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Hydroelectric Power Generation and Sale: CVPPL develops and operates hydroelectric projects on Build, Own, Operate and Maintain (BOOM) basis. Revenue is generated through sale of electricity to state power distribution utilities under long-term Power Purchase Agreements (PPAs). Projects include Pakal Dul (1000 MW), Kiru (624 MW), Kwar (540 MW), and Kirthai-II (930 MW) with aggregate capacity of 3094 MW.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Chenab Valley Power Projects Limited (CVPPL) develops, owns, operates, and maintains large-scale hydroelectric power projects on a Build, Own, Operate and Maintain (BOOM) basis in the Chenab River Basin of Kishtwar district, Jammu & Kashmir. The company's portfolio includes four run-of-river and dam-based hydroelectric projects — Pakal Dul (1,000 MW), Kiru (624 MW), Kwar (540 MW), and Kirthai-II (930 MW) — with an aggregate installed capacity of 3,094 MW, and sells generated electricity to state power distribution utilities under long-term Power Purchase Agreements (PPAs).

Product overview

Chenab Valley Power Projects Limited (CVPPL) is a joint venture company between NHPC (51%) and JKSPDC (49%) that develops hydroelectric power projects on the Chenab River basin in Kishtwar district, Jammu & Kashmir. The company operates on a Build, Own, Operate and Maintain (BOOM) basis with an aggregate installed capacity of 3,094 MW. Its current portfolio comprises four hydroelectric projects: Pakal Dul HE Project (1,000 MW) under construction since 2018, Kiru HE Project (624 MW) under construction since 2019, Kwar HE Project (540 MW) under construction since 2022, and the upcoming Kirthai-II HE Project (930 MW). Each project features dam infrastructure and underground power houses with multiple generating units.

Differentiator

Problem solved

Functional benefit

Brands

• Pakal Dul HE Project: 1000 MW hydroelectric project on river Marusudar, a tributary of Chenab, located 45 km from Kishtwar. Features a 167m high dam and underground power house with 4 units of 250 MW each.
• Kiru HE Project
• Kwar HE Project

Products and services

• Pakal Dul HE Project A 1,000 MW run-of-river hydroelectric project on the Marusudar River (a tributary of the Chenab) in Kishtwar district, Jammu & Kashmir. The project features a 167m high dam and an underground power house with four 250 MW generating units, designed to supply clean baseload power to state distribution utilities under long-term PPAs.
• Kiru HE Project A 624 MW run-of-river hydroelectric project on the Chenab River in Kishtwar district, Jammu & Kashmir. The project features a 135m high dam and an underground power house with four 156 MW generating units, supplying electricity to state distribution utilities under long-term PPAs.
• Kwar HE Project A 540 MW hydroelectric project on the Chenab River in Kishtwar district, Jammu & Kashmir. The project features a 109m high dam and an underground power house with four 135 MW generating units, supplying electricity to state distribution utilities under long-term PPAs.
• Kirthai-II HE Project A 930 MW hydroelectric project under development, planned for execution through CVPPL with implementation entrusted following the MoU between PDD and NHPC. The project awaits environmental clearance and other regulatory approvals before construction commencement.

Quantifiable outcome

• 3094 MW total capacity across 4 hydroelectric projects contributing to clean energy targets
• +1 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and major.

• Jammu and Kashmir Power Corporation Limited (JKPCL)coreChannel Partner/ Reseller/ DistributorPPA signed between CVPPL and JKPCL at Jammu for power off-take. JKPCL serves as the primary power distribution utility in Jammu and Kashmir, purchasing electricity generated by CVPPL projects.
• Uttar Pradesh Power Corporation Limited (UPPCL)majorChannel Partner/ Reseller/ DistributorPPA signed between CVPPL and UPPCL at Lucknow for power off-take. UPPCL serves as the power distribution utility for Uttar Pradesh.
• Chhattisgarh State Power Distribution Company Limited (CSPDCL)majorChannel Partner/ Reseller/ DistributorPPA signed between CVPPL and CSPDCL at Raipur, Chhattisgarh for power off-take. CSPDCL serves as the power distribution utility for Chhattisgarh state.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• NHPC Limited: India's largest hydropower developer and CVPPL's 51% parent; directly comparable as a central public-sector hydro generator with a similar project development and PPA-driven business model across multiple Indian states.
• SJVN Limited: Listed Indian hydropower developer with a portfolio of run-of-river and reservoir projects under construction and operation; closely comparable to CVPPL in project mix, geography (Himalayan states), and PPA-based offtake model.
• THDC India Limited: Public-sector hydropower developer (Tehri Hydro Development Corporation) with large reservoir and pumped-storage projects in Uttarakhand; directly comparable in EPC execution of dams, underground power houses, and Himalayan hydro development.
• NEEPCO: North Eastern Electric Power Corporation, a hydro-focused PSU now under NTPC; operates multiple hydropower plants in India's northeast — comparable project type (run-of-river, reservoir hydro) and government-owned operating model.

Broad incumbents

• NTPC Limited: India's largest power generator with a growing hydroelectric portfolio (including NEEPCO assets); comparable as a state-affiliated power producer with diversified generation mix and long-term PPA structure.
• Tata Power: Private-sector integrated power utility with hydro assets in operation and development (e.g., Maithon area); comparable as a long-term PPA-based hydro operator serving state distribution utilities, though across a more diversified fuel mix.
• JSW Energy: Indian private-sector power generator with a mix of thermal, hydro, and renewable assets; comparable as a listed Indian power developer pursuing both greenfield hydro and renewable capacity additions.
• Reliance Power: Private-sector Indian power developer with a portfolio that has historically included large hydroelectric projects (e.g., in J&K and Arunachal Pradesh); comparable as a developer pursuing Himalayan hydropower PPAs with state utilities.

Emerging players

• Adani Green Energy: India's largest renewable IPP, focused on solar and wind PPA-based generation; comparable business model (long-term PPAs with state utilities) but in a competing renewable segment that pressures hydro's market share.

Regional players

• Statkraft: Norway-headquartered, state-owned global leader in hydropower generation and a major IPP in Europe and emerging markets; comparable in pure-play hydropower operating expertise and asset-management practices relevant to CVPPL's BOOM model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/CvpppLimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chenab Valley Power Projects