NHPC Limited has signed a Joint Venture Agreement (JVA) with Andhra Pradesh Power Generation Corporation Limited (APGENCO) for the development of pumped storage hydro power projects and renewable energy initiatives, including solar, floating solar, and wind projects, in Andhra Pradesh.
The JVA, following earlier agreements in August and November 2023, aims to implement these projects in phases. Initially, two major pumped storage projects – Yaganti PSP (1000 MW) and Rajupalem PSP (800 MW) – with a combined capacity of 1800 MW will be developed.
The newly formed Joint Venture Company (JVC) will have a paid-up capital shared equally between NHPC and APGENCO, with an authorized share capital of ₹1 crore. The chairmanship of the JVC’s board will alternate between the two parties every five years, with the first term held by APGENCO. Similarly, the Managing Director (MD) and Chief Financial Officer (CFO) roles will alternate between NHPC and APGENCO every five years.
This joint initiative represents a significant step in advancing renewable energy and pumped storage solutions in India.
