NHPC and APGENCO Ink Agreement for Major Hydro Power Projects

State-owned NHPC and APGENCO have signed a joint venture agreement to develop pumped storage hydro power projects and other renewable energy projects in Andhra Pradesh. The first phase includes Yaganti (1000 MW) and Rajupalem (800 MW). The initiative aligns with India's goals of achieving 500 GW of renewable energy by 2030 and Net Zero by 2070.

State-owned NHPC has entered into a joint venture agreement with APGENCO to spearhead the development of pumped storage hydro power projects and other renewable energy initiatives in Andhra Pradesh.

The first phase focuses on two major pumped storage projects: Yaganti (1000 MW) and Rajupalem (800 MW). Future projects will be identified in subsequent phases, according to a statement from the company.

The agreement, signed by NHPC Chairman & Managing Director RK Chaudhary and APGENCO Managing Director KVN Chakradhar Babu, witnessed the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu. This collaboration marks a critical step towards achieving India’s renewable energy goals of 500 GW by 2030 and Net Zero emissions by 2070.

(With inputs from agencies.)