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NHPC re-sign MoU with Maharashtra to develop 7350 MW PSPs Insight

Last Update 04 September 2024

On September 3, NHPC re-signed an MoU with Maharashtra's Department of Water Resources to develop 7,350 MW of Pumped Storage Projects (PSPs), including Kengadi, Savitri, Kalu, and Jalond. This follows a corrigendum on PSP policies. NHPC reported a 1.2% YoY increase in net profit for Q1 2024 but a slight drop in revenue and EBITDA.

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Renewable EnergyPumped Hydro StoragePartnership and DealNew Project EinfewsCompany Update

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NHPC signed a MoU with the Department of Water Resources of the Maharashtra government to develop PSPs in the state so as to increase the renewable energy generated in the state. With the Maharashtra government encouraging public-private partnerships for the development of PSP projects, an increase in investments in this sector is seen. As PSP currently appears to be the best solution for storing RE to meet energy demand for a long duration, the government and private players can focus more on this sector. The development of PSPs requires INR 6.5 crores per MW of capex compared to INR 12-15 crores per MW required by large hydro projects and is more effective in electricity generation. The development of these projects aligns with the country’s broader goals to increase renewable energy capacity addition. Successful execution of this project will bring more opportunities for investment in PSPs in the country and diversify and stabilize the grid with the integration of more hydro energy.

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