NTPC Green Energy Limited (NGEL), has entered a joint venture with Maharashtra State Power Generation Company Limited (MAHAGENCO) to develop renewable energy parks in Maharashtra.
The joint venture company will focus on creating large-scale renewable energy parks and will gradually undertake projects of this size. This agreement is in line with NTPC’s goals for green energy and supports the Indian government’s efforts to transition towards cleaner energy sources.
The Joint Venture Agreement was officially signed on February 28, 2024, at the NTPC headquarters in New Delhi.
NTPC, the largest power utility in India, has a total capacity of around 74 GW, including joint ventures and subsidiaries. To expand its renewable energy holdings, NTPC has established a new subsidiary called NGEL. This subsidiary will focus on developing renewable energy projects, including green hydrogen, energy storage technologies, and continuous renewable energy sources.
NTPC Group aims to achieve a renewable energy capacity of 60 GW by 2032. Currently, it has 3.4 GW of renewable energy capacity installed and over 22 GW in the works.
NTPC is dedicated to helping Maharashtra and India reach their decarbonization objectives. MAHAGENCO has a total capacity of approximately 13,170 MW, which includes 9,540 MW of thermal power, 2,580 MW of hydro power, 672 MW of gas power, and 378 MW of solar power.
Reference- Press Information Bureau, ANI, Moneycontrol, Economic Times