New Delhi: NHPC Limited has signed an MoU with Gujarat Power Corporation Limited (GPCL) for investment in 750 MW Kuppa Pumped Hydro Storage Project. The MoU signing ceremony was organised at the Secretariat in Gandhinagar, Gujarat under the aegis of “Vibrant Gujarat” on January 3.
The MoU has been signed by GPCL's Managing Director (MD) Arun Mahesh Babu (IAS) and NHPC's Executive Director (Renewable Energy and Green Hydrogen) VR Srivastava in the presence of Chief Minister of Gujarat Bhupendra Patel and Energy Minister, Government of Gujarat Kanubhai Desai. On this occasion, Ministers of Gujarat Government, senior officials of the Gujarat Govt. and senior officials of NHPC were also present.
As per terms of the MoU, NHPC shall invest an estimated Rs 4000 crores in the proposed 750 MW Kuppa Pumped Hydro Storage Project at Chhota Udaipur, Gujarat. The MoU aims to contribute towards the national objective of clean and green energy i.e. 500 GW of renewable energy by 2030 and “Net Zero” target by 2070.
The government of Gujarat and NHPC plan to develop and utilize pumped hydro storage projects which will be an effective solution for energy storage. The implementation of this project will create significant employment opportunities and boost the local economy in the area.
NHPC, a leading hydropower company in India, has a total installed capacity of 7097.2 MW of renewable energy. At present, NHPC is engaged in construction of 15 projects with an aggregate installed capacity of 10,449 MW.