Indian hydropower producer NHPC Ltd disclosed on Wednesday the formalization of a memorandum of understanding (MoU) with Gujarat Power Corporation Limited (GPCL) for the development of a 750-MW pumped storage project.
The collaborative agreement outlines a comprehensive investment plan amounting to INR 40 billion (USD 480m/EUR 440m) earmarked for the Kuppa Pumped Storage Project. This ambitious venture is slated to materialize at a designated site in Chhota Udaipur, Gujarat.
The announcement did not provide specific details regarding the timeline for project initiation, but it indicated that the proposed commencement of investment is expected in the fiscal year 2024/25.
The Kuppa Pumped Storage Project signifies a significant stride in bolstering the renewable energy landscape, yet finer project particulars and execution nuances remain undisclosed as of now. Both NHPC and GPCL are poised to play pivotal roles in the realization of this venture, contributing to the energy sector's growth and sustainability.