NHPC inks JV pact to set up RE projects in Andhra Pradesh

State-owned NHPC on Saturday said it has inked a joint venture agreement with APGENCO for implementation of pumped storage hydro power projects and other renewable energy projects in Andhra Pradesh.

In first phase, two pumped storage projects (PSPs) - Yaganti (1000 MW) and Rajupalem (800 MW) - are considered for joint implementation. Subsequently, other projects shall be identified in next phase, a company statement said.

The agreement was signed between NHPC Chairman & Managing Director RK Chaudhary and APGENCO Managing Director KVN Chakradhar Babu in the presence of Chief Minister N Chandrababu Naidu.

This marks a significant step in developing energy storage solutions in Andhra Pradesh, aligning with the national goals of achieving 500 GW of renewable energy by 2030 and Net Zero by 2070.