NHPC inks pact with Damodar Valley for setting up hydro power projects

21 Jul 2022 , 09:17 AM

NHPC Limited has announced to the stock exchanges regarding signing of Memorandum of Understanding (MoU) with Damoder Valley Corporation (DVC).

According to the government released data, the Company has signed MoU with Damoder Valley Corporation (DVC) on July 20, 2022 to Explore formation of Joint Venture company (JVC). The JVS is for exploring and setting up Hydropower and Pump Storage Projects.

Further, the MoU heralds a new dawn in co-operation between the two Power Sector Organization in jointly harnessing the Hydropower Projects and Pump Storage Projects as Energy Storage Solutions in line with the objective of Energy Transition i.e. 500 GW of renewable energy by year 2030 and Net Zero by 2070. The MoU envisages joint development of mutually identified projects”, the company said in a filing.

At around 9:17 AM, NHPC was trading at Rs33.40 per share up by Rs0.1 or 0.3% from its previous closing of Rs33.30 per share on the BSE.