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Lending & Credit Project

Staff Reporter

, India

Published:

10 months ago

Photo by Piat Van Zyl: https://www.pexels.com/photo/landscape-sky-water-clouds-13448549/

India’s hydroelectric firm to invest in 750 MW pumped hydro storage project

The company aims to allocate $481.3m for the proposed project.

India's National Hydroelectric Power Corporation (NHPC) will invest around $481.3m (INR4,000 crores) in the proposed 750-megawatt Kuppa Pumped Hydro Storage Project.

In a statement, the Ministry of Power said NHPC signed a memorandum of under with the Gujarat Power Corporation and the government of Gujarat for the investment.

The proposed power plant is located in Chhota Udaipur in Gujarat and “will create significant employment opportunities and boost the local economy.”

ALSO READ: World Bank and ADB strike deal for the expansion of Nepalese hydropower sector

The partnership also aligns with India’s target to reach 500 gigawatts of renewable energy by 2023 and net zero by 2070.

NHPC is the leading hydropower company in India with a total installed capacity of 7,097.2 MW which includes wind and solar projects across its 25 power stations, including 1,520 MW in its subsidiaries.

$1 = INR83.11

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