NHPC Renews MoU for 7,350 MW Pumped Storage Projects in Maharashtra

On September 3, 2024, NHPC Limited updated the exchanges regarding its recent developments in energy projects. This announcement builds upon NHPC’s earlier communication from June 6, 2023, and highlights significant progress in the company’s strategic initiatives.

NHPC Limited had initially entered into a Memorandum of Understanding (MoU) with the Department of Energy, Government of Maharashtra, for the establishment of Energy Storage Systems, including Pumped Storage Systems (PSPs) and other renewable energy sources such as solar, wind, or hybrid technologies. This initiative aims to develop a substantial total capacity of 7,350 MW.

Following the issuance of a corrigendum on July 31, 2024, concerning the Policy for the development of Pumped Storage Projects (PSPs), PSPs cum LIS, and co-located PSP-Solar/Other Renewable Energy Hybrid Projects via Public Private Partnership by the Department of Water Resources (WRD), Government of Maharashtra, NHPC has renewed its MoU with WRD. The revised MoU, signed on September 3, 2024, outlines the development of four major Pumped Storage Projects in Maharashtra. These projects include the Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW) projects, collectively amounting to the previously stated capacity of 7,350 MW.

Earlier, NHPC Limited reported on June 27, 2024, that it has signed a Power Purchase Agreement (PPA) with Gujarat Urja Vikas Nigam Limited (GUVNL) for a 200 MW Solar Power Project at GSECL’s RE Park at Khavda (GSECL Stage-3). The estimated financial investment for this solar project is approximately ₹846.66 crore, with a scheduled completion period of 15 months from the PPA execution date.

For Q1 FY 2025, NHPC reported a total income of ₹3,037.92 crore, an increase from ₹3,010.22 crore in Q1 FY 2024. The company’s profit also saw a rise to ₹1,108.46 crore, compared to ₹1,095.38 crore in the same period the previous year. These financial results reflect NHPC’s ongoing commitment to expanding its energy portfolio and enhancing its operational performance.

On September 4, 2024, the share price of NHPC Ltd opened at ₹98.80, touching the day’s low at ₹97.92, as of 9:42 AM on the NSE.

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