NHPC-APGENCO to set up JV for 1.8 GW Pumped Storage Projects
NHPC and Andhra Pradesh Power Generation Corporation (APGENCO) have formed a joint venture to develop pumped hydro storage (PSP) projects and renewable energy initiatives. The venture will progress in phases to allow for future project identification and implementation. The first phase will focus on two PSPs: Yaganti PSP with a capacity of 1,000 MW and Rajupalem PSP with 800 MW.
The JV will be equally owned by NHPC and APGENCO, starting with an initial paid-up capital. The authorized share capital will be Rs 10 million, divided into 1 million equity shares with a face value of Rs 10 each. The board’s Chairman will rotate between the two companies every five years, with APGENCO appointing the Chairman in the first year.