NHPC, APGENCO ink MoU for 1.95GW green energy projects in Andhra Pradesh
In a pivotal move for clean and green energy in India, NHPC Limited, the country’s premier hydropower company, has just signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation (APGENCO) Limited. This high-impact MoU aims to implement Pumped Hydro Storage Projects and Renewable Energy Projects in the state of Andhra Pradesh. The deal is not just a win for clean energy but also promises to be a significant job creator in the region.
Initiated in the first phase, the MoU sets the groundwork for two large-scale Pumped Hydro Storage Projects with a combined capacity of a staggering 1,950 MW. Named Kamlapadu (950 MW) and Yaganti (1,000 MW), these projects are expected to significantly uplift the local economy by generating ample employment opportunities. Moreover, the projects will be executed under a Joint Venture mode, amplifying their scale and impact.
NHPC, APGENCO sign MoU for 1.95GW green energy projects in Andhra Pradesh. Photo courtesy of Press Information Bureau.
The official MoU signing ceremony took place on August 23, 2023, in Tadepalli, Guntur, Andhra Pradesh, presided over by the Chief Minister of Andhra Pradesh, Y. S. Jagan Mohan Reddy. The signatories included Director (Finance), NHPC, R.P. Goyal, and Managing Director, APGENCO, K. V. N. Chakradhar Babu, along with other high-ranking officials from both organizations.
Not just a regional boost, this MoU is aligned with India’s national objectives of moving toward clean and green energy solutions. Specifically, the Pump Storage Projects serve as Energy Storage Solutions that contribute to achieving 500 GW of installed electricity capacity from non-fossil fuel sources by 2030. The overarching goal here is to reach Net Zero emissions by the year 2070.
With NHPC’s current total installed capacity standing at 7,097.2 MW of renewable power, this MoU represents a significant milestone in India’s journey toward clean and sustainable energy. It not only advances Andhra Pradesh’s standing in the renewable energy sector but also solidifies NHPC’s role as a leader in India’s green energy landscape.