NTPC Green Energy Limited and MAHAGENCO Partner to Develop Renewable Energy Parks in Maharashtra
NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, has forged a significant partnership with Maharashtra State Power Generation Company Limited (MAHAGENCO) to drive the development of Renewable Energy Parks in Maharashtra. The Joint Venture Agreement, signed at the NTPC headquarters in New Delhi on February 28, 2024, marks a crucial milestone in India’s renewable energy journey and underscores both entities’ commitment to fostering sustainable energy solutions.
Joint Venture for Renewable Energy Development
The Joint Venture Agreement between NGEL and MAHAGENCO paves the way for developing GW-scale renewable energy parks in Maharashtra. These parks will serve as hubs for renewable energy generation and undertake projects of significant scale in a phased manner. By leveraging both entities’ combined expertise and resources, the joint venture aims to accelerate the deployment of renewable energy infrastructure and contribute to India’s ambitious green energy targets.
Key Signatories and Stakeholders
The agreement was formalized at the NTPC headquarters in New Delhi, with Shri Abhay Harne, Director (Projects) of MAHAGENCO, and Shri V V Sivakumar, CGM (NGEL), signing on behalf of their respective organizations. The signing ceremony was attended by esteemed dignitaries including Shri Gurdeep Singh, CMD of NTPC Limited; Dr. P. Anbalagan, CMD of MAHAGENCO; Shri K S Sundaram, Director (Projects) of NTPC Limited and Chairman (NGEL); Shri Mohit Bhargava, CEO of NGEL; and Shri Rajiv Gupta, CEO of NTPC REL, among other senior officials from NGEL and MAHAGENCO.
NTPC’s Renewable Energy Ambitions
NTPC, India’s largest integrated power utility, has steadfastly committed to expanding its renewable energy portfolio. With the formation of NTPC Green Energy Limited (NGEL), the company aims to spearhead Renewable Energy Parks and Projects, including ventures in Green Hydrogen, Energy Storage Technologies, and Round-the-Clock renewable energy solutions. NTPC Group has set ambitious targets of achieving 60 GW of renewable energy by 2032, with significant capacity already installed and under development.
Maharashtra’s Renewable Energy Landscape
MAHAGENCO, with its substantial installed capacity across various energy sources, plays a pivotal role in Maharashtra’s power generation landscape. MAHAGENCO aims to bolster its renewable energy footprint and contribute to the state’s and India’s decarbonization goals through this collaboration. With a diverse mix of thermal, hydro, gas, and solar-based power plant capacity, MAHAGENCO can drive the transition towards cleaner and more sustainable energy sources.
Driving India’s Energy Transition
The partnership between NGEL and MAHAGENCO underscores the collective efforts of public and private entities in advancing India’s renewable energy agenda. By harnessing the potential of renewable energy parks and projects, the joint venture aims to play a pivotal role in India’s journey towards a greener and more sustainable future while fostering economic growth and employment opportunities in the renewable energy sector.
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