NHPC has signed Memorandum of Understanding (MoU) with Damoder Valley Corporation to explore formation of joint venture company (JVC) for setting up hydropower and pump storage projects.
The MoU between the two power sector organization envisages jointly harnessing the hydropower projects and pump storage projects as energy storage solutions. It is in line with the national objective of energy transition which is 500 gigawatt (GW) of renewable energy by 2030 and Net Zero by 2070.NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 March 2022, the Government of India held 70.95% stake in the company.
The company's consolidated net profit grew 5.61% to Rs 467.15 crore on a 4.05% increase in revenue from operations to Rs 1,674.31 crore in Q4 FY22 over Q4 FY21.
Shares of NHPC were down 0.74% to Rs 33.45 on the BSE.
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