NHPC board agrees to foray into solar power business

An announcement was made by hydropower generation company, NHPC Limited, stating that the board of directors of the company has approved the proposition to step into the solar power sector.

NHPC, in a filing made with the exchange after market hours on Thursday, informed that in a meeting held on May 28, 2020, the board of directors examined and authorised the proposal regarding business diversification of the company by developing solar power projects as an intermediary procurer through solar power developers.

The company has also recently conveyed that it plans to emerge as the world's biggest floating solar power plant company and intends to construct such plants of 2,850 MW on different reservoirs of the country.

In April 2020, NHPC was granted in-principle approval from Kerala State Electricity Board Board to build 50 MW floating solar plants on West Kallada reservoir.

NHPC's stock is trading at Rs 19.75, at 1.39 pm on Friday, down by 1 per cent relative to its previous close of Rs 19.95. Its 52-week high is Rs 29.00 while its 52-week low is Rs 15.15 on BSE.