NHPC signs MoU in renewable energy generation segment
The shares of NHPC Ltd were trading higher during the early trade on Tuesday amid supportive market sentiment and announcement regarding its memorandum of understanding (MoU) in Odisha.
On Monday after the market hours, the company made a public announcement that it has signed a memorandum of understanding (MoU) with Green Energy Development Corporation of Odisha Limited (GEDCOL).
Under the MoU signed, both parties will be able to collaborate and cooperate to form a joint venture company (JVC). The major aim of the JVC will be to plan and develop ‘techno-commercially’ feasible floating solar power projects of 500 MW in the state of Odisha. This plan is under the ultra mega renewable energy power parks (UMREPPs) scheme of the Renewable Energy Ministry, in a phased manner, preferably in packages of 50 MW each.
Renewable sources of energy have been one of the major initiatives by the governments. Under the UMREPP scheme, companies such as NTPC, NLC, Power Finance Corporation, and NHPC are expected to remain in focus for more such MoUs with state governments.
As per the recent data by the Ministry, the total solar installed capacity in India stood at 35.12 GW. It is being presumed that consistent efforts would give a further boost to this industry.
At 10.30 am, the stock price of NHPC is quoted at Rs 20.35, higher by 1 per cent on BSE.