New Delhi: 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 the development of renewable energy parks in the state of Maharashtra, according to an official statement.
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, said the statement.
The Joint Venture Agreement was signed at NTPC headquarters in New Delhi on February 28, 2024, by Director (Projects), MAHAGENCO, Abhay Harne, and CGM (NGEL), VV Sivakumar, in the presence of CMD, NTPC Limited, Gurdeep Singh; CMD, MAHAGENCO, P Anbalagan; Director (Projects), NTPC Limited and Chairman (NGEL), KS Sundaram; CEO (NGEL), 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 areas of green hydrogen, energy storage technologies, and round-the-clock renewable energy.
NTPC Group has ambitious plans to attain 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 the 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 of thermal, 2,580 MW Hydro, 672 MW of gas, and 378 MW of solar-based power plant capacity. (ANI)
