NHPC Re-signs MoU for Major Pumped Storage Projects in Maharashtra

4 Sep 2024 , 09:48 AM

NHPC Ltd signed a new MoU with Maharashtra’s Department of Water Resources to establish energy storage systems, focusing on pumped storage projects (PSPs).

This agreement follows a previous MoU with Maharashtra’s Department of Energy for developing renewable energy projects, including solar, wind, and hybrid systems, totaling 7,350 MW.

The revised MoU, signed on September 3, 2024, comes after a policy update on July 31, 2024, regarding the development of PSPs through public-private partnerships.

Under this MoU, NHPC will develop four major PSPs in Maharashtra: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW).

NHPC reported a 1.2% year-on-year increase in net profit, reaching ₹1,108.5 Crore for the first quarter ending June 30, 2024, compared to ₹1,095 Crore in the same quarter of the previous year.

Revenue from operations fell by 2.3%, amounting to ₹2,694.2 Crore, down from ₹2,757.3 Crore in the same period last year.

EBITDA decreased by 2.8%, totaling ₹1,462.6 Crore in Q1 FY25, compared to ₹1,504.6 Crore in the previous fiscal’s corresponding quarter. The EBITDA margin slightly declined to 54.3% in the reporting quarter from 54.6% in Q1 FY24.