New Delhi, Dec 4 (IANS): Public sector power major NHPC has signed an MoU with Gujarat Power Corporation Limited for an investment of Rs 4,000 crore in the proposed 750 MW Kuppa Pumped Hydro Storage Project situated at Chhota Udaipur in the state, according to an official statement issued on Thursday.

The NHPC and the Gujarat government plan to develop and utilise pumped hydro storage projects as an effective solution for energy storage. The implementation of this project will create significant employment opportunities and boost the local economy, the statement said.

The MoU signed on Wednesday in Gandhinagar under the aegis of 'Vibrant Gujarat' aims to contribute towards achieving the national objective of setting up 500 GW of renewable energy capacity by 2030 and 'Net Zero' target by 2070.

The agreement was signed by Arun Mahesh Babu, Managing Director, GPCL, Government of Gujarat, and V.R. Srivastava, Executive Director, Renewable Energy and Green Hydrogen, NHPC, in the presence of Chief Minister Bhupendra Patel.

NHPC has a total installed capacity of 7,097.2 MW of renewable energy (both wind and solar) through its 25 power stations, including 1,520 MW through subsidiaries.

At present, NHPC (including subsidiaries and joint venture companies) is engaged in the construction of 15 projects with an aggregate installed capacity of 10,449 MW.