NTPC to develop GW-scale renewables in Maharashtra under new JV

The green energy unit of Indian state-run utility NTPC Ltd (BOM:532555) has agreed to form a joint venture with Maharashtra State Power Generation Co Ltd (MAHAGENCO) for the development of gigawatt-scale renewable energy parks.

The new company is expected to undertake projects of the particular scale in a phased manner in the state of Maharashtra. No further details were given.

NTPC Green Energy Ltd (NGEL) is the government-run company’s subsidiary in charge of renewables development and businesses in the area of green hydrogen, energy storage, and round-the-clock renewable energy. Presently, the group has 3.4 GW of installed renewables capacity and aims to attain 60 GW by 2032.

At the same time, Mahagenco has 13,170 MW of installed capacity, most of which is thermal but also includes 2,580 MW of hydro and 378 MW of solar.

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