NHPC Limited has signed a Memorandum of Understanding (MoU) with Andhra Pradesh Power Generation Corporation Limited (APGENCO) on August 23, 2023 for "Implementation of Pumped Storage Hydro Power Projects and Renewable Energy (solar/floating solar/wind) projects in Andhra Pradesh. The MoU provides a framework under which Parties may collaborate and cooperate to form a Joint Venture Company (JVC) under the Companies Act, 2013 to Implement techno-commercially viable Pumped Storage Hydro Power Project(s) and other Renewable Energy (Solar/Floating Solar/Wind) Project(s) allotted by Government of Andhra Pradesh, under Joint Venture mode in phases, operate the plants, trading and sale of power generated in the plants in accordance with National Economic Policy and APERC/CERC Regulatory provisions in force from time to time.