NHPC signs MoU with APGENCO for development of PSPs, RE projects in Andhra

New Delhi: NHPC Limited has signed a pact with Andhra Pradesh Power Generation Corporation Limited (APGENCO) on Wednesday under which the two companies may form a joint venture company to implement Pumped Storage Projects (PSPs) and Renewable Energy projects in Andhra Pradesh. In a regulatory filing to the stock exchanges, NHPC said, “NHPC Limited has signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation Limited (APGENCO) on 23.08.2023 for “Implementation of Pumped Storage Hydro Power Projects and Renewable Energy (solar/ floating solar/ wind) projects in Andhra Pradesh.”

NHPC, APGENCO to consider developing PSP, RE projects via JV

The MoU provides a framework under which the two companies may collaborate and cooperate to form a Joint Venture Company (JVC) under the Companies Act, 2013 to “Implement techno-commercially viable Pumped Storage Hydro Power Project(s) and other Renewable Energy (Solar/ Floating Solar/ Wind) Project(s) allotted by Government of Andhra Pradesh, under Joint Venture mode in phases, operate the plants, trading and sale of power generated in the plants in accordance with National Economic Policy and APERC/ CERC Regulatory provisions in force from time to time,” said NHPC.

NHPC has also signed an MoU with GRIDCO Odisha for the development of Pumped Storage Projects and Renewable Energy projects in the state earlier in June. Under the pact, NHPC is looking to develop Pumped Storage Projects of at least 2,000 MW and Renewable Energy Projects (Ground-Mounted Solar Projects / Floating Solar Projects) of at least 1,000 MW in the state.

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