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NTPC Green Energy Signs Joint Venture Agreement with MAHAGENCO to Build Renewable Energy Parks in Maharashtra

Last Updated on 29th February 2024

NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has entered into a joint venture agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) for the development of renewable energy parks in Maharashtra.

 

NTPC Green Energy Signs Joint Venture Agreement with MAHAGENCO to Build Renewable Energy Parks in Maharashtra

 

The company to be established under the joint venture will focus on developing gigawatt-scale renewable energy parks and undertaking projects in phases. This agreement is aligned with NTPC's green energy objectives and represents a significant step in the Government of India’s energy transition efforts.

 

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NTPC, India's largest integrated power utility, has been actively diversifying its energy sources, with a specific focus on renewable energy. NGEL, established for this purpose, will lead the development of renewable energy parks and projects, including initiatives in green hydrogen, energy storage solutions, and round-the-clock renewable energy sources.

 

MAHAGENCO, Maharashtra's state-owned power generation company, plays a vital role in meeting the state's energy demands. Through collaboration with NTPC, MAHAGENCO gains access to expertise and experience in large-scale renewable energy projects, which will significantly contribute to Maharashtra's clean energy transition and help achieve its renewable energy targets.

 

While specific details regarding the locations, capacities, and timelines of the planned renewable energy parks are pending disclosure, the joint venture between NTPC Green Energy and MAHAGENCO signifies a positive development for India's renewable energy sector. It also sets a precedent for potential collaborations in the future. To stay updated with more details, explore our Indian renewable energy database.

 

Read: Iberdrola Plans to Build the Largest Solar Power Plant in Italy

 

Objectives of the Joint Venture

 

The primary objective is to establish and operate gigawatt-scale renewable energy parks within the state of Maharashtra. This signifies a significant contribution to increasing the state's renewable energy capacity.

 

This collaboration allows NTPC, through its subsidiary, NGEL, to further expand its presence in the renewable energy sector. It aligns with their strategic goal of diversifying their energy portfolio and becoming a leading player in clean energy generation.

 

The joint venture is expected to play a crucial role in helping Maharashtra achieve its own renewable energy targets and transition towards a cleaner and more sustainable energy mix.

 

Read:  ACWA Power Secured $2.3 Billion for 4.55 GW of Solar Power Projects

 

About NTPC and MAHAGENCO

 

NTPC Limited (NTPC)

Established in 1975, NTPC is India's largest integrated power utility with a presence across the entire value chain of the power sector, from fuel sourcing and generation to transmission and distribution.

 

NTPC has an installation capacity of over 45,000 MW (including joint ventures) as of October 2023, making it the second-largest power producer in the country. The organization is primarily coal-based but is actively diversifying into renewable energy sources like solar and wind. The company owns and operates power plants across various states in India.

 

Maharashtra State Power Generation Company Limited

Established in 2003 under the Central Electricity Act, MAHAGENCO is the state-owned power generation company of Maharashtra, responsible for meeting the state's electricity demands.

 

The organization holds the distinction of having the highest overall generation capacity and the highest thermal installed capacity among all state power generation utilities in India.

 

Read: Arevon Secures $1.1 Billion for Eland 2 Solar Power and Energy Storage Project

 

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