NHPC and Andhra Pradesh Power Generation Corporation (APGENCO) have signed and agreed to form a joint venture (JV) to develop pumped hydro storage (PSP) projects and renewable energy initiatives. This will be done in phases as additional projects will need time for identification and implementation in subsequent phases. Two PSPs, namely Yaganti PSP with a 1,000 MW capacity; and Rajupalem PSP with an 800 MW capacity have been chosen for development in the first phase.
NHPC and APGENCO will have equal equity stake in the initial paid-up capital of the JV company. Following this, there will be an authorized share capital worth Rs 10 million, further divided into 1 million equity shares with a face value of Rs 10 each. The Chairman of the Board will be nominated by NHPC and APGENCO for alternate terms with each term being five years. APGENCO will be nominating the Chairman in the first year.
In September 2024, NHPC Limited floated a tender for the development of 7.68 MW grid-connected rooftop solar power systems under the PM Surya Ghar: Muft Bijli Yojana. Further in September 2024, NHPC floated a tender for 1.2 GW Inter-State Transmission System (ISTS)-connected solar power projects with a 600 MW/12,000 MWh energy storage system (ESS). It was also accorded with the Navratna status in the same month. In July 2024, Jakson Green inked a power purchase agreement with NHPC for a 400 MW solar project.
