NHPC, DVC sign pact to set up joint venture firm for hydro power: Report

State-owned hydro power giant NHPC on Wednesday said it has inked a pact with Damoder Valley Corporation to explore possibility of forming a joint venture firm for setting up hydro power projects

State-owned hydro power giant NHPC on Wednesday said it has inked a pact with Damoder Valley Corporation to explore possibility of forming a joint venture firm for setting up hydro power and pump storage projects.

As per a regulatory filing, the MoU heralds a new dawn in co-operation between the two power sector organisations in jointly harnessing the hydro power and pump storage projects as energy storage solutions. This is in line with the national objective of Energy Transition i.e 500 GW of renewable energy by 2030 and net zero by 2070.

"NHPC Ltd has signed a Memorandum of Understanding (MoU) with Damoder Valley Corporation (DVC) on July 20, 2022 to explore formation of Joint Venture company (JVC) for exploring and setting up Hydropower and Pump Storage Projects", the filing said.

Both companies would look at joint development of mutually identified projects.

NHPC has an installed capacity of 7071.2 MW from 24 power stations, including two projects in joint venture mode, as per its web portal. Its plants generated 24,855 million units of power in 2021-2022.