NTPC Green Energy, MAHAGENCO forge JV for renewable energy parks in Maharashtra

In a significant move towards bolstering the renewable energy sector, NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, India’s largest integrated power utility, has entered into a Joint Venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO). This partnership aims to develop GW-scale renewable energy parks in Maharashtra, marking a crucial step in the state’s green energy objectives and supporting the Government of India’s commitment to energy transition.

The agreement, signed at the NTPC headquarters in New Delhi on 28th February 2024, underlines the collaboration between the two power giants to establish a company dedicated to setting up renewable energy parks. These parks will be developed in a phased manner, showcasing both entities’ commitment to expanding the renewable energy infrastructure.

Present at the signing ceremony were key figures from both organizations, including Shri Abhay Harne, Director (Projects) at MAHAGENCO; Shri V V Sivakumar, CGM at NGEL; Shri Gurdeep Singh, CMD at NTPC Limited; Dr. P. Anbalagan, CMD at MAHAGENCO; Shri K S Sundaram, Director (Projects) at NTPC Limited and Chairman at NGEL; Shri Mohit Bhargava, CEO at NGEL; and Shri Rajiv Gupta, CEO at NTPC REL, along with other senior officials.

NTPC’s vision includes a significant focus on increasing its renewable energy portfolio, with NGEL spearheading efforts in Renewable Energy Parks and Projects, including ventures in Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy. With a total installed capacity of approximately 74 GW, including JVs and subsidiaries, NTPC aims to achieve 60 GW of renewable energy capacity by 2032. Currently, it boasts 3.4 GW of installed renewable energy capacity, with more than 22 GW under development.

MAHAGENCO, with an installed capacity of about 13,170 MW, including thermal, hydro, gas, and solar-based power plants, is also committed to supporting Maharashtra’s and India’s decarbonization goals.

This joint venture is not just a significant step for NGEL and MAHAGENCO but also a milestone for India’s renewable energy sector. It highlights the growing importance of sustainable energy solutions in addressing the challenges of climate change and energy security. The development of GW-scale renewable energy parks will play a pivotal role in accelerating the transition towards a greener, more sustainable energy future for Maharashtra and India at large.

The collaboration between NTPC Green Energy Limited and Maharashtra State Power Generation Company Limited is a testament to the growing emphasis on renewable energy in India’s energy strategy. By combining their strengths, NGEL and MAHAGENCO are set to make substantial contributions to India’s green energy capabilities, demonstrating the potential for successful public sector partnerships in driving the energy transition forward.