NHPC Ltd, a state-run power producer, has renewed its memorandum of understanding (MoU) with Maharashtra’s Department of Water Resources (WRD) to develop renewable energy storage systems, particularly pumped storage projects (PSPs) across the state. This follows a previous agreement with the Department of Energy to expand renewable energy, including solar, wind, and hybrid systems, with a combined capacity of 7,350 MW.
The revised MoU, signed on September 3, 2024, was updated after a corrigendum was issued on July 31, 2024, outlining the state’s policy on developing PSPs through public-private partnerships. Under the new agreement, NHPC will build four significant PSPs in Maharashtra: Kengadi (1,550 MW), Savitri (2,250 MW), Kalu (1,150 MW), and Jalond (2,400 MW).
In financial results for the quarter ending June 30, 2024, NHPC reported a 1.2% year-on-year increase in net profit, reaching ₹1,108.5 crore, compared to ₹1,095 crore in the same quarter the previous year. However, revenue from operations declined by 2.3% to ₹2,694.2 crore from ₹2,757.3 crore in the previous fiscal. The company’s EBITDA also dropped by 2.8% to ₹1,462.6 crore from ₹1,504.6 crore, with an EBITDA margin of 54.3%, slightly down from 54.6% in Q1 FY24.
NHPC Ltd. is a state-owned Indian company that focuses on hydropower generation and development. Established in 1975, it has grown to become a key player in the energy sector, primarily managing hydroelectric projects.
Over the years, NHPC has diversified into solar, wind, and hybrid power generation, contributing to India’s renewable energy goals. The company operates multiple hydroelectric stations across the country and continues to expand its capacity through various projects, including partnerships for energy storage solutions like pumped storage plants (PSPs). NHPC is instrumental in supporting India’s shift towards sustainable and clean energy sources.
