In a significant development, the Board of Directors of the company (NHPC), following SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has given the green light for a Joint Venture Agreement. The agreement paves the way for the establishment of a Joint Venture Company, a collaborative effort between NHPC and the Andhra Pradesh Power Generation Corporation Limited (APGENCO). This partnership aims to bring forth the realization of ambitious projects encompassing Pumped Storage Hydro Power and Renewable Energy in Andhra Pradesh.
This decision was reached in the Board of Directors’ meeting, convened on Monday, November 6, 2023, following a prior communication dated August 23, 2023. While the approval signifies a crucial milestone, it is important to note that it remains subject to obtaining the necessary clearances and approvals from key governmental bodies such as the Ministry of Power, NITI Aayog, and the Department of Investment and Public Asset Management (DIPAM).
The prospective Joint Venture Company’s primary objective is to spearhead projects in the domain of Pumped Storage Hydro Power and Renewable Energy, encompassing Solar, Floating Solar, and Wind energy in the state of Andhra Pradesh. The venture holds the promise of not only contributing to the energy landscape but also fostering sustainable and environmentally responsible practices, making it a significant step towards a greener, more energy-efficient future.