NHPC has renewed a memorandum of understanding with the Department of Water Resources following a policy change, the company said in a press release on Tuesday.

What Happened: The agreement focuses on setting up several pumped storage projects in Maharashtra. This includes a 1,550-megawatt facility in Kengadi, a 2,250-megawatt facility in Savitri, a 1,150-megawatt facility in Kalu and a 2,400-megawatt facility in Jalond. It will have a total capacity of 7,350 megawatts.

Recently, the policy for the development of pumped storage projects, PSPs cum LIS and co-located PSP-solar and other renewable energy hybrid projects through public-private partnership was changed.

See More: Texmaco Completes Acquisition Of Jindal Rail Infrastructure

Earlier, the company had inked an agreement with the Department of Energy to establish energy storage systems, specifically pumped storage systems, along with other renewable energy sources like solar, wind, and hybrid systems, the company added in its statement.

Last week, the Government of India granted NHPC the esteemed “Navratna” status. Navratna status grants a public sector firm increased financial and operational autonomy. With this status, NHPC will now have more independence in making decisions and investments as it is authorised to undertake investments of up to ₹1,000 crore without requiring approval from central authorities.

Price Action: NHPC Shares were trading flat at ₹98.10 on Wednesday’s early trade.

Read Next: Midcap Stocks Rally Fueled By ‘Hype’ Stocks, RVNL, Suzlon Among Top Performers In The Space, Says Kotak