New Delhi: NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has forged a strategic Joint Venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) for the development of Renewable Energy Parks in Maharashtra. The joint venture is aligned with NTPC’s green energy objectives and reflects the Indian government’s commitment to energy transition.
The Joint Venture Agreement, signed at NTPC headquarters, New Delhi, on February 28, 2024, lays the foundation for a company that will develop GW-scale renewable energy parks and undertake phased projects. Shri Abhay Harne, Director (Projects), MAHAGENCO, and Shri V V Sivakumar, CGM (NGEL), signed the agreement in the presence of esteemed officials, including Shri Gurdeep Singh, CMD, NTPC Limited; Dr. P. Anbalagan, CMD, MAHAGENCO; Shri K S Sundaram, Director (Projects), NTPC Limited, and Chairman (NGEL); Shri Mohit Bhargava, CEO (NGEL); and Shri Rajiv Gupta, CEO, NTPC REL, among others.
NTPC, as India’s largest integrated power utility with a total installed capacity of approximately 74 GW, is actively expanding its renewable energy portfolio through NGEL. NGEL focuses on Renewable Energy Parks and Projects, including ventures in Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy.
The NTPC Group has set an ambitious target of achieving 60 GW of renewable energy capacity by 2032. With 3.4 GW of installed RE capacity and over 22 GW in the pipeline, NTPC remains dedicated to supporting Maharashtra’s and India’s decarbonization goals.
MAHAGENCO, boasting an installed capacity of about 13,170 MW, including 9,540 MW Thermal, 2,580 MW Hydro, 672 MW Gas, and 378 MW Solar-based Power Plant capacity, brings its extensive experience and resources to the joint venture.
This collaboration signifies a significant stride towards sustainable energy development, marking a pivotal moment in the trajectory of both NTPC and MAHAGENCO in the renewable energy landscape.