NHPC and Gujarat Sign ₹4,000 Crore MoU for Pumped Storage Project

NHPC, the state-run hydro power major, announced on Thursday that it has entered into a Memorandum of Understanding (MoU) with Gujarat Power Corporation (GPCL) to invest in the Kuppa Pumped Hydro Storage Project, boasting a capacity of 750 megawatts (MW).

The signing ceremony for the MoU took place in Gandhinagar, Gujarat, under the auspices of the "Vibrant Gujarat" initiative.

Under the terms of the MoU, NHPC is set to channel an estimated investment of ₹4,000 crore into the proposed 750 MW Kuppa Pumped Hydro Storage Project located at Chhota Udaipur, Gujarat. The collaboration aligns with the broader national goal of achieving 500 gigawatts (GW) of renewable energy by 2030 and attaining a Net Zero target by 2070.

The government of Gujarat, in conjunction with NHPC, envisions the development and utilization of pumped hydro storage projects as an effective solution for energy storage, contributing to the larger clean and green energy objectives.

In addition to addressing the energy requirements, the implementation of the Kuppa Pumped Hydro Storage Project is expected to generate substantial employment opportunities and stimulate the local economy in the Chhota Udaipur area, as per the statement issued by the public sector undertaking (PSU).

NHPC currently boasts a total installed capacity of 7,097.2 MW in renewable energy, encompassing wind and solar sources, across its 25 power stations, including 1,520 MW through its subsidiaries.

Presently, NHPC, along with its subsidiaries and joint venture companies, is actively involved in the construction of 15 projects, collectively contributing to an aggregate installed capacity of 10,449 MW. This move reflects NHPC's commitment to bolstering India's renewable energy landscape and advancing towards the ambitious targets outlined by the government.

HBL