Maharashtra Secures Rs 475 Billion in MoUs with Leading Energy Companies to Accelerate Renewable Energy Goals

The Maharashtra government is taking significant strides toward its renewable energy goals by securing agreements with five major companies through four Memorandums of Understanding (MoUs), totaling Rs 475 billion. These agreements, involving SJVN, MahaGenco Renewable Energy Limited, REC Power Development and Consultancy Limited (RECPDCL), THDC, and HPRGE-HPCL, align with the state’s ambitious target to generate 50% of its energy from renewable sources by 2030.

One of the key partnerships is with RECPDCL, focusing on developing renewable energy projects that will benefit both the state and the company. An initial investment of Rs 30 billion has been earmarked for a 500 MW hybrid renewable energy project. This collaboration will leverage the core strengths of both parties, particularly in infrastructure development and engineering, aiming to create a sustainable and commercially viable energy solution for Maharashtra.

In another significant project, THDC India Ltd. (THDC), in partnership with the state government, will develop 250 MW of renewable energy at an estimated cost of Rs 293.29 billion. This venture will further strengthen Maharashtra’s renewable energy generation capacity.

The largest project in the pipeline involves a joint venture between SJVN and MahaGenco to develop a 505 MW floating solar plant on the Lower Wardha Dam. With a 51:49 equity split favoring SJVN, this project is expected to be completed in two phases. Phase-1 will focus on 100 MW, while Phase-2 will expand to 405 MW, requiring a total investment of Rs 30.30 billion. The floating solar plant will utilize a 732-hectare site and is projected to create 1,400 jobs, boosting both the local economy and Maharashtra’s green energy capacity.

These partnerships underline the state’s commitment to ramping up renewable energy projects as part of a broader push toward sustainability, job creation, and meeting national climate goals.