HomeEnergy Storage ›NHPC Signs JV Agreement with APGENCO for 1.8 GW Pumped Hydro Storage Projects

NHPC Signs JV Agreement with APGENCO for 1.8 GW Pumped Hydro Storage Projects

NHPC and Andhra Pradesh Power Generation Corporation have signed a joint venture agreement to form a 50:50 JV company for the implementation of Pumped Storage Hydro Power Projects and Renewable Energy (solar/ floating solar/ wind) Projects in Andhra Pradesh.

September 30, 2024. By Mrinmoy Dey

National Hydroelectric Power Corporation Ltd. (NHPC) has announced that it has signed a joint venture agreement with Andhra Pradesh Power Generation Corporation Ltd. (APGENCO) to form a 50:50 JV company.

These two companies entered into a MoU in August 2023 wherein both parties agreed to set up a JV company. The proposal has now received approval from from NHPC Board, DIPAM, NITI AYOG and the Ministry of Power.

The purpose of the JV company will be the implementation of Pumped Storage Hydro Power Projects and Renewable Energy (solar/ floating solar/ wind) Projects in Andhra Pradesh.

“In the first phase, two projects namely Yaganti PSP (1000 MW) and Rajupalem PSP (800 MW) with installed capacity aggregating to 1800 MW are considered for joint implementation and other projects subsequently identified in phase-II as mutually agreed,” stated NHPC in a regulatory filing.

The JV company shall have an initial authorised share capital of INR 1 crore, divided into 10 lakh equity shares of the face value of INR 10 each.

Both NHPC and APGENCO will have the right to nominate the MD and CFO of the Company, for alternate terms, each lasting five years.
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