NHPC, Maharashtra ink MoU for renewable energy projects; Rs 44,000 cr investments expected

ANI
08 Jun 2023, 04:55 GMT+10

New Delhi [India], June 7 (ANI): A Memorandum of Understanding (MoU) has been signed between NHPC Limited and Maharashtra government for the development of pumped storage schemes and other renewable energy projects in the state.

It envisages the development of four pumped storage projects with a total capacity of 7,350 MW.

These projects will attract an investment of about Rs. 44,000 crores and will generate indirect and direct employment for 7,000 people in the state, said NHPC CMD RK Vishnoi.

Pumped storage systems utilise surplus from thermal power stations or other sources to pump up water from the lower to the upper reservoir and reproduce power when there is a scarcity of power.

Late in May, it declared its earnings for the financial year 2022-23. It reported consolidated net profit for 2022-23 at Rs 3,890 compared to Rs 3,524 crore in 2021-22, an increase of 10 per cent.

Besides, the state-owned company's Board of Directors recommended a final dividend of Rs 0.45 per share for the financial year 2022-23. This is in addition to an interim dividend of Rs 1.40 per share.

Accordingly, the total dividend for 2022-23 is Rs 1.85 per share. A dividend is a reward companies often provide to their shareholders, though not mandatory, from a portion of their earnings.

NHPC presently has an installed capacity of 7097.2 MW from 25 power stations and is presently engaged in the construction of 16 projects aggregating to a total installed capacity of 10489 MW.

NHPC Limited is a public sector enterprise of the government of India and is the largest hydropower producer. NHPC went public as a listed company on NSE and BSE after its initial public offering in 2009. (ANI)