New Delhi

State-run hydro power major NHPC on Thursday said that it has signed a memorandum of understanding (MoU) with Gujarat Power Corporation (GPCL) for investment in Kuppa Pumped Hydro Storage Project of 750 megawatt (MW) capacity.

The MoU was signed on Wednesday in Gandhinagar, Gujarat under the aegis of “Vibrant Gujarat”.

“As per terms of the MoU, NHPC shall invest an estimated ₹4,000 crore in the proposed 750 MW Kuppa Pumped Hydro Storage Project at Chhota Udaipur, Gujarat,” NHPC said.

The MoU aims to contribute towards the national objective of clean and green energy, that is 500 gigawatt (GW) of renewable energy by 2030 and Net Zero target by 2070, it added.

Effective solution

The government of Gujarat and NHPC plan to develop and utilise pumped hydro storage projects which will be an effective solution for energy storage.

“The implementation of this project will create significant employment opportunities and boost the local economy in the area,” the PSU said.

NHPC has a total installed capacity of 7,097.2 MW of renewable energy (including wind and solar) through its 25 power stations, including 1,520 MW through subsidiaries.

At present, NHPC (including subsidiaries/ Joint Venture companies) is engaged in construction of 15 projects with an aggregate installed capacity of 10,449 MW.