The power generation company said that it has started developing the 1,200- megawatt (MW) Jalaun ultra renewable energy power park in Uttar Pradesh, with an investment of Rs 796.96 crore.

The solar park will be developed by Bundelkhand Saur Urja (a subsidiary of NHPC), with an investment of Rs 796.96 crore, subject to investment approval.

The park is proposed to be constructed in 24 months from the investment approval and will generate about 2,400 million units electricity every year, said the company.

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 31 December 2023, the Government of India held 70.95% stake in the company.

The power generation company reported 26.76% decline in consolidated net profit to Rs 491.90 crore in Q3 FY24 from Rs 671.67 crore recorded in Q3 FY23. Revenue from operations decreased 20.41% year on year (YoY) to Rs 2,055.50 crore in the quarter ended 31 December 2023.

Shares of NHPC declined 1.05% to Rs 91.42 on the BSE.