NHPC and Andhra Pradesh Power Generation Corporation have signed a three way partnership settlement to kind a 50:50 JV firm for the implementation of Pumped Storage Hydro Power Projects and Renewable Energy (solar/ floating solar/ wind) Projects in Andhra Pradesh.
These two firms entered right into a MoU in August 2023 whereby each events agreed to arrange a JV firm. The proposal has now acquired approval from from NHPC Board, DIPAM, NITI AYOG and the Ministry of Energy.
The aim of the JV firm would be the implementation of Pumped Storage Hydro Power Projects and Renewable Power (photo voltaic/ floating photo voltaic/ wind) Projects in Andhra Pradesh.
“Within the first section, two initiatives particularly Yaganti PSP (1000 MW) and Rajupalem PSP (800 MW) with put in capability aggregating to 1800 MW are thought of for joint implementation and different initiatives subsequently recognized in phase-II as mutually agreed,” acknowledged NHPC in a regulatory submitting.
The JV firm shall have an preliminary authorised share capital of INR 1 crore, divided into 10 lakh fairness shares of the face worth of INR 10 every.
Each NHPC and APGENCO can have the fitting to appoint the MD and CFO of the Firm, for alternate phrases, every lasting 5 years.
