State-owned NHPC Ltd. has inked an initial pact with the Andhra Pradesh Power Generation Corp. to set up pumped storage hydropower and other renewable energy projects in Andhra Pradesh.
In the first phase, the Memorandum of Understanding envisages building of two pumped hydro storage projects having a total capacity of 1,950 MW, an official statement said.
These projects will be established at Kamalapadu (950 MW) and Yaganti (1,000 MW).
Once ready, these projects are expected to create significant employment opportunities and boost the local economy.
The projects will be implemented as a joint venture.
NHPC has signed the MoU with APGENCO for implementation of pumped hydro storage projects and renewable energy projects in Andhra Pradesh, according to the statement.
The MoU was signed at Tadepalli in Andhra Pradesh's Guntur on Wednesday in the presence of Chief Minister YS Jagan Mohan Reddy. The agreement was signed by NHPC Director (Finance) RP Goyal and APGENCO Managing Director KVN Chakradhar Babu.
The MoU seeks to achieve the national objective of generating clean and green energy of 500 GW from non-fossil fuel sources by 2030 and of realising the net-zero target by 2070.
The pumped storage system utilises surplus grid power available from thermal power stations or other sources to pump up water from lower to upper reservoir and produces electricity during peak demand.
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