NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has signed a Joint venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO), for development of Renewable Energy Parks in the state of Maharashtra.
The company to be set up under the joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner.
The agreement aligns with the green energy objectives of NTPC and is another step in the Government of India’s efforts towards energy transition.
The Joint Venture Agreement was signed at NTPC headquarters in New Delhi on 28th February, 2024, by Director (Projects), MAHAGENCO, Abhay Harne and CGM (NGEL), V V Sivakumar in the presence of CMD, NTPC Limited, Gurdeep Singh, CMD, MAHAGENCO, Dr. P. Anbalagan; Director (Projects), NTPC Limited and Chairman (NGEL), K S Sundaram; CEO (NGEL), Shri Mohit Bhargava; and CEO, NTPC REL, Rajiv Gupta, along with other senior officials from NGEL and MAHAGENCO.
NTPC is India’s largest integrated power utility with a total installed capacity, including JVs and subsidiaries, of approximately 74 GW. As part of increasing its renewable energy portfolio, “NTPC Green Energy Limited” (NGEL), a fully owned subsidiary, has been formed which will take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy.
NTPC Group has ambitious plans of attaining 60 GW of renewable energy capacity by the year 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline. NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals.
MAHAGENCO has 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.
