NHPC and DVC ink pact to set up joint venture firm for hydro and pumped storage project

NHPC Limited has signed a memorandum of understanding (MoU) with Damoder Valley Corporation (DVC) to explore formation of joint venture company (JVC) for exploring and setting up hydropower and pump storage projects.

The MoU heralds a new dawn in cooperation between the two power sector organisations in jointly harnessing the hydropower projects and pump storage projects as energy storage solutions in line with the national objective of energy transition i.e 500 GW of renewable energy by 2030 and net zero by 2070. The MoU envisages joint development of mutually identified projects.