The Implementation Agreement was signed between both the parties on 26 August 2022 at Shimla.

Earlier, a Memorandum of Understanding (MoU) for 449 MW Dugar Hydro Electric project was signed between NHPC and Government of Himachal Pradesh on 25 September 2019.

Subsequent to signing of MoU, NHPC carried out detailed Survey & Investigations, techno-economic studies and submitted a DPR for an enhanced capacity of 500 MW to Central Electricity Authority (CEA). The accord of concurrence to project was issued by CEA on 26 April 2022. Forest and Environment clearances in respect of the project are in process. Dugar Hydroelectric project will generate 1,759.85 million units in a 90% dependable year with 95% machine availability.

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 30 June 2022, the Government of India held 70.95% stake in the company.

The company's consolidated net profit jumped 14.5% to Rs 1,039.31 crore on a 15.2% surge in revenue from operations to Rs 2,785.14 crore in Q1 FY23 over Q1 FY22.

Shares of NHPC were down 1.41% to Rs 35.05 on the BSE.