State-owned hydropower company NHPC Limited has entered into a Memorandum of Understanding (MoU) with the Maharashtra government for the establishment of energy storage systems along with other renewable energy sources (Solar/ Wind/ Hybrid) of total 7,350 MW capacity, it informed stock exchanges on Tuesday. Other details, including financial consideration and the timeline of the project, were not mentioned in the stock filing.
NHPC is the largest hydropower development organization in India, with capabilities to undertake all the activities in hydro-related projects. NHPC has also diversified in the field of solar and wind energy. 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.
NHPC Power Stations achieved the generation of 24,907 Million Units (MUs) of power during the financial year. 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. It also has 12 projects with an aggregate capacity of 5882 MW under the clearance stage and two projects with an aggregate capacity of 890 MW in the survey and investigation stage.