The Maharashtra government has given the green light to a joint venture between state-run Maharashtra State Power Generation Company (Mahagenco) and Sutlej Jal Vidyut Nigam Ltd (SJVN) to develop renewable energy projects with a combined capacity of 5,000 MW. The initiative is a major step toward the state’s target of sourcing half of its electricity from renewables by 2030 and 75% by 2047, in line with India’s national goal of achieving net zero emissions by 2070. Currently, Mahagenco generates 428 MW from renewable sources.
The new entity builds on a Memorandum of Understanding signed in June 2023, which proposed collaboration in areas such as pumped storage hydro, solar-wind hybrid projects, floating solar power, and green hydrogen-linked ventures.
In its first phase, the joint venture will roll out projects totaling 735 MW. These include the 125 MW Ghatghar Phase-2 project, a 105 MW floating solar facility at Irai, and the 505 MW Nimnawardha floating solar project.
The approval was granted during a cabinet meeting chaired by Deputy Chief Minister Devendra Fadnavis. As per the structure, SJVN will hold a 51% stake while Mahagenco will retain 49%. Financing will follow a debt-to-equity ratio of either 70:30 or 80:20, with Mahagenco contributing its share of equity.
The governance model provides for a board of six to ten members, with equal representation from both partners. The chairperson’s position will rest with SJVN for the first three years, while leadership roles such as CEO, CFO, and COO will be divided between the two companies.
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