New Delhi, February 28, 2024: Marking a significant milestone in India’s clean energy journey, NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, and Maharashtra State Power Generation Company Limited (MAHAGENCO) have signed a momentous joint venture agreement. This strategic partnership paves the way for establishing gigawatt-scale renewable energy parks across Maharashtra, aiming to transform the state’s energy landscape and contribute to national clean energy goals.
The joint venture focuses on developing strategically located renewable energy parks in Maharashtra, serving as a catalyst for the state’s decarbonization efforts. These parks will not only contribute to cleaner air and reduced dependence on fossil fuels but also unlock economic opportunities through green job creation and stimulate regional development. The phased development approach ensures sustainable growth and efficient resource allocation, allowing the venture to gradually increase clean energy generation capacity within the state.
This collaboration brings together two powerhouses in the Indian energy sector. NTPC, the nation’s largest power utility, brings its extensive experience and established renewable energy portfolio. With an ambitious target of reaching 60 GW of renewable energy capacity by 2032, NTPC currently boasts a substantial foundation of 3.4 GW of installed RE capacity and over 22 GW in the pipeline. MAHAGENCO, with its existing diverse energy portfolio of 13,170 MW, including solar power generation, plays a crucial role in Maharashtra’s energy landscape. This strategic alliance allows both entities to leverage their combined expertise and resources for efficient and effective renewable energy development, accelerating the clean energy transition in Maharashtra.
The establishment of these large-scale renewable energy parks holds immense potential for not only Maharashtra but also sets a precedent for other states to emulate. This collaboration serves as a model for future partnerships within the Indian energy sector, fostering collaboration and knowledge sharing to accelerate the national clean energy transition. By collectively embracing renewable energy solutions, India can move towards a sustainable and secure energy future for its citizens and the environment
