Construction Industry News
NHPC Limited, India's leading hydropower company, and Andhra Pradesh Power Generation Corporation (APGENCO) Limited, an entity of the Government of Andhra Pradesh, have inked a crucial Memorandum of Understanding (MoU) to drive the development of hydropower storage pumping projects and renewable energy initiatives within the state.
The first phase of this MoU revolves around two Pumped Hydro Storage Projects with a combined capacity of 1,950 Megawatts. The identified projects, Kamlapadu (950 MW) and Yaganti (1,000 MW), will be implemented as joint ventures, promoting local economic growth and generating significant employment.
The agreement, signed on August 23, 2023 in Tadepalli, Guntur, Andhra Pradesh, marked the presence of Chief Minister Shri Y. S. Jagan Mohan Reddy. The pact was endorsed by nhpc's director (finance), Shri R.P. Goyal, and APGENCO's managing director, Shri K. V. N. Chakradhar Babu.
The primary goal of the MoU is to deploy pumped storage projects as energy storage solutions in line with India's vision to reach 500 GW of non-fossil fuel-based electricity capacity by 2030 and net zero by 2070.
The pump storage system uses excess power during off-peak hours and works by transferring water from a lower reservoir to a higher reservoir. This stored energy is then released during peak demand, effectively limiting power shortages.
With NHPC's impressive track record with a total installed renewable capacity of 7,097.2MW, this partnership strengthens their commitment to green energy and strengthens India's sustainable energy landscape.
