In Short : NHPC Limited has revised its Memorandum of Understanding (MoU) with the Maharashtra government to develop 7,350 MW of renewable energy storage systems. This updated agreement aims to enhance Maharashtra’s energy infrastructure by incorporating large-scale energy storage solutions, which are essential for balancing renewable energy generation and ensuring a stable power supply. The collaboration underscores both parties’ commitment to advancing renewable energy and sustainable development.
In Detail : Under this agreement, NHPC will develop four major PSPs in Maharashtra: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW). Shares of NHPC Ltd ended at ₹99.04, up by ₹1.18, or 1.21%, on the BSE.
State-owned NHPC Ltd on Tuesday (September 3) said it has re-entered a memorandum of understanding (MoU) with the Department of Water Resources (WRD), Government of Maharashtra, to establish energy storage systems, specifically pumped storage projects (PSPs), across the state.
This follows an earlier MoU with Maharashtra’s Department of Energy for developing renewable energy sources, including solar, wind, and hybrid systems, with a total capacity of 7,350 MW.
The revised MoU, signed on September 3, 2024, comes after the issuance of a corrigendum on July 31, 2024, concerning the state’s policy for developing PSPs through public-private partnerships.
Under this agreement, NHPC will develop four major PSPs in Maharashtra: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW).
NHPC reported a 1.2% year-on-year (YoY) increase in net profit at ₹1,108.5 crore for the first quarter that ended June 30, 2024. In the corresponding quarter of the previous fiscal, NHPC posted a net profit of ₹1,095 crore, the company said in a regulatory filing.
The company’s revenue from operations dipped 2.3% to ₹2,694.2 crore against ₹2,757.3 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA dropped 2.8% to ₹1,462.6 crore in the first quarter of this fiscal over ₹1,504.6 crore in the year-ago period.
Shares of NHPC Ltd ended at ₹99.04, up by ₹1.18, or 1.21%, on the BSE.
