New Delhi [India], July 20 (ANI): NHPC 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 Ministry of Power said on Wednesday.
The MoU heralds a new dawn in cooperation between the two power sector organisations in jointly harnessing the hydropower projects and pump storage projects as energy storage solutions in line with the national objective of energy transition i.e. 500 GW of renewable energy by 2030 and Net Zero by 2070, the Ministry of Power said in a statement.
The MoU envisages the joint development of mutually identified projects, it said.
The MoU between the two organisations was signed on Wednesday at NHPC Corporate Office, Faridabad. The agreement was signed in the presence of A K Singh, CMD, NHPC Limited, and Ram Naresh Singh, Chairman, DVC. (ANI)
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