New Delhi: NHPC Limited, a Government of India undertaking, has signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) to explore the formation of a Joint Venture Company (JVC) for exploring and setting up hydropower and pump storage projects. The MoU was signed in the august presence of AK Singh, CMD, NHPC Limited, and Ram Naresh Singh, Chairman, DVC.

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

YK Chaubey, Director, Technical, RP Goyal, Director, Finance, and Biswajit Basu, Director, Projects, from NHPC, and Arup Sarkar, Member, Finance, DVC, also graced the occasion along with other senior officers from both the organizations. /BI/