Officials of NTPC Green Energy Limited (NGEL) and Maharashtra State Power Generation Company (MAHAGENCO) at the signing ceremony. Credit: Press Information Bureau/Indian Union Ministry of Power/NTPC.

NGEL, a subsidiary of Indian power major NTPC, has entered into a JV agreement with MAHAGENCO to develop renewable energy parks in the state of Maharashtra.

The collaboration aims to develop gigawatt-scale renewable energy parks and execute large-scale projects in phases.

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This initiative aligns with NTPC’s green energy goals and supports the Government of India’s commitment to the energy transition.

NTPC, one of India’s largest integrated power utilities, has an installed capacity of 74GW including JVs and subsidiaries.

NGEL was established to focus on renewable energy parks and projects. This includes ventures in green hydrogen, energy storage technologies and round-the-clock renewable energy solutions.

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NTPC Group is on a strategic path to achieve 60GW of renewable energy capacity by 2032, with 3.4GW already installed and more than 22GW in the pipeline.

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MAHAGENCO, with an installed capacity of 13.1GW, encompasses a diverse energy mix including thermal, hydro, gas and solar power.

This latest JV marks a significant step forward in bolstering renewable energy infrastructure in the state.

In February 2024, NGEL formed a JV with state-owned company ONGC to develop renewable energy projects across India.

It will concentrate on offshore wind energy, a key area for India’s renewable energy sector growth.

The partnership will expand renewable energy efforts domestically and internationally, exploring a wide range of opportunities across energy storage, e-mobility, carbon and green credits, along with the green hydrogen business and its derivatives such as green ammonia and green methanol.