NHPC signs Joint Venture Agreement with APGENCO

NHPC and APGENCO have signed a Joint Venture Agreement on 27^th September 2024 for implementation of Pumped Storage Hydro Power Projects and other Renewable Energy Projects in Andhra Pradesh in phases. In first phase two projects namely Yaganti PSP (1000 MW) & Rajupalem PSP (800 MW) are considered for joint implementation. Subsequently, other projects shall be identified in next phase.

The Agreement was exchanged in the august presence of N. Chandrababu Naidu, Chief Minister of Andhra Pradesh between R.K. Chaudhary, Chairman & Managing Director, NHPC and KVN Chakradhar Babu, Managing Director, APGENCO.

On this occasion, Gottipati Ravi Kumar, Energy Minister of Andhra Pradesh, K. Vijayanand, Special Chief Secretary (Energy), Government of Andhra Pradesh, R.P. Goyal, Director (Finance), NHPC, Rajat Gupta, Executive Director (SBD&C), NHPC, Smt. Kirthi Chekuri, JMD, APTRANSCO were also present.

The collaboration of NHPC and APGENCO will go a long way in expeditious development of untapped potential of Pumped Storage Hydro Power Projects and other Renewable sources of energy in the state. This marks a significant step forward in developing energy storage solutions in the State of Andhra Pradesh, aligning with the national goals of achieving 500 GW of renewable energy by 2030 and Net Zero by 2070.