India’s NHPC Limited and Damodar Valley Corporation (DVC) have agreed to explore the possibility of creating a joint venture (JV) company to develop new hydropower and pumped storage projects in the country.

The MOU was signed on 20 July in the presence of Shri A.K. Singh, CMD, NHPC Limited and Shri Ram Naresh Singh, Chairman, DVC. Shri Y.K. Chaubey, Director (Technical), Shri R.P. Goyal, Director (Finance) and Shri Biswajit Basu, Director (Projects) from NHPC and Shri Arup Sarkar, Member (Finance), DVC also attended the signing along with other senior officers from both organizations

The MOU envisages joint development of mutually identified projects in line with the national objective of developing 500GW of renewable energy by 2030 and reaching Net Zero by 2070.