NHPC has entered into a joint venture agreement with the Andhra Pradesh Power Generation Corporation (APGENCO) to implement pumped hydro storage (PHS) projects and renewable energy initiatives. This collaboration comes after a memorandum of understanding signed on August 23, 2023.

In the initial phase, two pumped storage projects have been identified for implementation: the Yaganti Pumped Storage Project (1,000 MW) and the Rajupalem Pumped Storage Project (800 MW). The joint venture will roll out renewable energy projects in phases, with additional projects to be identified and executed as mutually agreed upon by both parties.

The joint venture company will be established with an initial paid-up capital contributed equally by NHPC and APGENCO, in a 50:50 ratio. The authorised share capital will amount to Rs 10 million, divided into Rs 1 million equity shares, each with a face value of Rs 10.

Both NHPC and APGENCO will have the right to nominate the Chairman of the Board for alternate five-year terms, with APGENCO appointing the Chairman for the first term.

Recently, the Central Electricity Authority (CEA) approved two new pumped storage projects in Maharashtra, with a combined capacity of 2,500 MW. These include the 1,500 MW Bhavali Pumped Storage Project developed by JSW Energy and the 1,000 MW Bhivpuri Pumped Storage Project by Tata Power.

To expedite the commissioning of pumped storage projects, the Union government introduced various initiatives last year. The CEA has revamped the approval process for detailed project reports to streamline the concurrence process for these projects.

Additionally, NTPC has recently invited bids for a detailed project report for the 800 MW Amba Pumped Storage Project in Maharashtra, while NHPC called for bids in May for the engineering, procurement, and construction of a 200 MW grid-connected solar power project at the Gujarat State Electricity Corporation’s renewable energy park in Khavda (GSECL Stage-3).

(Mercom)