NHPC Ltd, India’s largest hydropower developer, has signed a joint venture agreement with Andhra Pradesh Power Generation Corp. Ltd (APGENCO) for implementation of pumped hydro storage and renewable energy (solar, floating solar and wind) projects in Andhra Pradesh.
The agreement follows the signing of a Memorandum of Understanding (MoU) between NHPC and APGENCO in August last year, wherein both NHPC and APGENCO agreed to form a joint venture company (JVC) for implementation of pumped storage hydro power projects and renewable energy (solar/floating solar/wind) projects in Andhra Pradesh in phases.
“The [JV] company shall be incorporated with an initial paid-up capital to be subscribed in the ratio of 50:50 by NHPC and APGENCO, respectively. The company shall have an initial authorized share capital of INR 1 crore divided into 10 lakh equity shares of the face value of INR 10 each,” stated NHPC.
In the first phase, two projects, namely, Yaganti PSP (1,000 MW) and Rajupalem PSP (800 MW) with installed capacity aggregating to 1,800 MW are considered for joint implementation.
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