New Delhi: State-owned hydro power giant NHPC Limited on Wednesday said it has inked a pact with Damodar Valley Corporation (DVC) to explore the possibility of forming a joint venture firm for setting up hydropower and pump storage projects.

As per a regulatory filing, the MoU heralds a new dawn in cooperation between the two power sector organisations in jointly harnessing the hydropower and pump storage projects as energy storage solutions. This is in line with the national objective of Energy Transition i.e 500 GW of renewable energy by 2030 and net zero by 2070.

"NHPC Ltd has signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) on July 20, 2022, to explore the formation of Joint Venture Company (JVC) for exploring and setting up Hydropower and Pump Storage Projects", the filing said.

Both companies would look at the joint development of mutually identified projects.

NHPC has an installed capacity of 7071.2 MW from 24 power stations, including two projects in joint venture mode, as per its web portal. Its plants generated 24,855 million units of power in 2021-2022.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)