NHPC’s board approves incorporation of wholly owned subsidiary

The board of NHPC has approved the proposal to form a subsidiary for the development of renewable energy, small hydro and green hydrogen projects. The board has also given its investment approval to contribute initial equity of Rs 200 million by NHPC Limited in the proposed subsidiary company.

In a separate filing, according to a company statement, the entity will serve as an investment vehicle and firm for completed hydropower projects, permitting the monetisation of investments made, subject to clearance by the Indian government.  The board has also given its investment approval for NHPC Limited to contribute Rs 50 million in initial equity to the proposed subsidiary firm. In a second filing, the board considered and approved a proposal to begin the process of merging/amalgamating Jalpower Corporation Limited, a wholly-owned subsidiary with NHPC in accordance with applicable provisions of the Companies Act, 2013, subject to the government’s approval.

Earlier in September 2021, NHPC limited had floated a tender for the engineering, procurement and construction (EPC) of a 45 MW grid-connected solar power plant in Jalaun district, Uttar Pradesh. According to the tender guidelines, the successful bidder would also be responsible for the operations and maintenance of the project for a period of 5 years. The bid submission deadline is October 22, 2021. The project must be completed within 12 months from the issuance of the notification award. According to the tender document, to be eligible for the bidding process, the bidder as an EPC contractor or a developer must have designed, installed and commissioned grid-connected solar power projects with a cumulative capacity of 40 MW or more. Of this, one project must have been of 10 MW capacity or higher.

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