NTPC and MAHAGENCO Forge Joint Venture for Renewable Energy Parks in Maharashtra

In a significant move towards accelerating the adoption of renewable energy in Maharashtra, NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, India’s largest integrated power utility, has partnered with the Maharashtra State Power Generation Company Limited (MAHAGENCO) to establish renewable energy parks across the state. This collaboration, formalized through a Joint Venture Agreement signed on February 28, 2024, at the NTPC headquarters in New Delhi, marks a critical step in the country’s energy transition efforts.

The newly formed entity under this joint venture will focus on the development of renewable energy parks on a gigawatt (GW) scale, executing projects in phases. This initiative is in line with NTPC’s strategic objectives to expand its renewable energy footprint and supports the Government of India’s commitment to decarbonizing the nation’s energy sector.

The agreement was signed by Shri Abhay Harne, Director (Projects) of MAHAGENCO, and Shri V V Sivakumar, CGM (NGEL), in the presence of a distinguished gathering including Shri Gurdeep Singh, CMD of NTPC Limited; Dr. P. Anbalagan, CMD of MAHAGENCO; Shri K S Sundaram, Director (Projects) of NTPC Limited and Chairman of NGEL; Shri Mohit Bhargava, CEO of NGEL; and Shri Rajiv Gupta, CEO of NTPC REL, among other senior officials from both organizations.

NTPC Limited boasts a substantial installed capacity of approximately 74 GW, spanning various energy sources. The formation of NGEL underscores NTPC’s endeavor to diversify into renewable energy, green hydrogen, energy storage technologies, and round-the-clock renewable energy solutions. With an ambitious goal to achieve 60 GW of renewable energy capacity by 2032, NTPC is actively contributing to India’s decarbonization objectives. Presently, NTPC has an installed renewable energy capacity of 3.4 GW, with over 22 GW in the pipeline.

On the other hand, MAHAGENCO, the state-run power generation company of Maharashtra, has an installed capacity of around 13,170 MW, which includes a mix of thermal, hydro, gas, and solar-based power plants. This joint venture with NGEL is expected to bolster MAHAGENCO’s renewable energy capabilities significantly.

This strategic partnership between NTPC and MAHAGENCO is poised to play a pivotal role in transforming Maharashtra’s energy landscape, contributing significantly to the state’s and the nation’s sustainability goals. The development of GW-scale renewable energy parks will not only help in meeting the increasing demand for clean energy but also in reducing the carbon footprint, aligning with the broader vision of a greener future for India.