NGEL signs JV Agreement with MAHAGENCO for RE Parks in Maharashtra
Mumbai, 28th February 2024 : NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, signed a Joint venture Agreement with Maharashtra State Power Generation Company Limited (MAHAGENCO) on 28th Feb 2024 for development of Renewable Energy Parks in Maharashtra. The JV Company shall develop GW-scale RE park and projects in a phased manner, thereby realizing the green energy objectives of NTPC and the GOI’s efforts towards energy transition.
The JV Agreement was signed between Shri Abhay Harne, Director (Projects), MAHAGENCO and Shri V V Sivakumar, CGM (NGEL) in the presence of Shri Gurdeep Singh, CMD, NTPC Limited, Dr. P Anbalagan, CMD, MAHAGENCO, Shri K S Sundaram, Director (Projects), NTPC Limited and Chairman (NGEL), Shri Mohit Bhargava, CEO (NGEL), Shri Rajiv Gupta, CEO (NTPC REL) along with other senior officials from NGEL and MAHAGENCO.
NTPC is India’s largest integrated power utility with a total installed capacity of approx. 74 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round the Clock RE Power.
NTPC Group has ambitious plans of 60 GW of RE 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 13170 MW including 9540 MW Thermal, 2580 MW Hydro, 672 MW Gas and 378 MW Solar based Power Plant.
