NHPC has signed a joint venture agreement with Andhra Pradesh Power Generation Corporation (APGENCO) to implement pumped hydro storage (PSP) projects and renewable energy initiatives.

In the first phase, two pumped storage projects – Yaganti PSP (1,000 MW) and Rajupalem PSP (800 MW) have been identified for implementation.

The agreement follows a memorandum of understanding signed between NHPC and APGENCO last year. The joint venture company will execute the renewable energy projects in phases.

Additional projects will be identified and implemented in subsequent phases as mutually agreed upon by both parties.

The joint venture company will be incorporated with an initial paid-up capital to be subscribed in a 50:50 ratio by NHPC and APGENCO. This will be followed with an authorized share capital of ₹10 million (~$119,363), divided into ₹1 million (~$11,935) equity shares with a face value of ₹10 (~$0.119) each.

NHPC and APGENCO will have the right to nominate the Chairman of the Board for alternate terms, each lasting five years. For the first term, the Chairman will be from APGENCO.

The Central Electricity Authority (CEA) recently approved two new PSPs in Maharashtra with a total capacity of 2,500 MW. The two projects are the 1,500 MW Bhavali PSP being developed by JSW Energy and the 1,000 MW Bhivpuri PSP by Tata Power.

Last year, the Union government introduced several initiatives to expedite the commissioning of PSPs. To streamline the concurrence process for the PSPs, the CEA has recently revamped the approval process for detailed project reports of these projects.

NTPC recently invited bids to prepare a detailed project report for the 800 MW Amba PSP in Maharashtra.

In May, NHPC invited bids for the engineering, procurement, and construction of a 200 MW grid-connected solar power project to be set up in Gujarat State Electricity Corporation’s renewable energy park at Khavda (GSECL Stage-3).