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NHPC Re-signs MoU with Maharashtra WRD for 7,350 MW Energy Storage Systems

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Synopsis:

NHPC re-signs MoU with Maharashtra WRD to develop 7,350 MW energy storage systems, including four major pumped storage projects, following a policy revision on 31st July 2024.

NHPC Ltd has re-entered a significant Memorandum of Understanding (MoU) with the Department of Water Resources (WRD), Government of Maharashtra, aimed at establishing energy storage systems across the state. The revised MoU, signed on 3rd September 2024, follows an earlier agreement with the Department of Energy, Maharashtra, focusing on the development of renewable energy sources.

Revised MoU to develop 7,350 MW capacity

The updated agreement comes after the issuance of a corrigendum on 31st July 2024, concerning Maharashtra's policy for the development of Pumped Storage Projects (PSPs). This policy update, facilitated by the Department of Water Resources (WRD), aligns with the state’s strategy to boost energy storage solutions through Public-Private Partnerships (PPP). Consequently, NHPC has now formalised its commitment with WRD to develop four key PSPs in Maharashtra.

The projects covered under this MoU include the Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW) pumped storage projects. These developments, with a combined capacity of 7,350 MW, represent a substantial step towards enhancing Maharashtra's energy infrastructure, ensuring reliable and sustainable power supply.

Strategic shift towards renewable energy

The revised MoU not only reflects NHPC's focus on renewable energy but also underscores Maharashtra's commitment to sustainable energy solutions. The integration of PSPs with other renewable energy sources like solar and wind will provide a robust framework for energy management, especially during peak demand periods.

This strategic shift aligns with India's broader goals of increasing the share of renewable energy in the energy mix. By leveraging PSPs, which can store and release large amounts of energy, Maharashtra aims to stabilise its power grid and reduce reliance on fossil fuels.

NHPC’s financial performance

NHPC’s financial performance remains stable despite fluctuations in revenue. For the first quarter ending 30th June 2024, the company reported a 1.2% year-on-year increase in net profit, reaching ₹1,108.5 crore, compared to ₹1,095 crore in the same period last year. However, revenue from operations saw a slight dip of 2.3% to ₹2,694.2 crore, reflecting challenges in the energy sector.

The re-signing of the MoU with the Department of Water Resources, Government of Maharashtra, marks a pivotal moment for NHPC and the state's energy landscape. By focusing on energy storage and renewable energy projects, this collaboration promises to play a critical role in meeting Maharashtra's future energy needs, contributing significantly to India's renewable energy goals.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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