NTPC Green Energy Signs MOU with MAHAPREIT to Develop Renewable Energy Parks and Projects in Maharashtra

NTPC's subsidiary, NTPC Green Energy, has recently inked a significant pact with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to lead the development of renewable energy parks and projects in Maharashtra. This partnership, which is in line with the government of India's energy transition policies as well as NTPC's sustainability goals, has the potential to significantly improve India's green energy environment.

The memorandum of understanding (MoU) was formally signed on May 8th, 2024, at the NTPC Corporate Office in New Delhi. The agreement was signed by Amol Shinde, the chairman and managing director of MAHAPREIT, and Rajiv Gupta, the chief executive officer of NGEL. Prominent dignitaries like NTPC's Director of Finance and Human Resources, Sh. Jaikumar Srinivasan, and senior officials from NGEL, MAHAPREIT, and NTPC were present at the ceremony.

The essence of the MoU lies in the collaborative development of grid-connected Renewable Energy Parks and Projects, encompassing diverse solutions like solar, wind, and hybrid, among others, with a cumulative capacity of up to 10 GW within the state of Maharashtra. This ambitious endeavour signifies a concerted effort towards boosting India's renewable energy infrastructure and reducing its carbon footprint.

The MOU is centred around cooperatively creating grid-connected Renewable Energy Parks and Projects in the state of Maharashtra. These projects will include a variety of energy solutions, including solar, wind, and hybrid systems, with a maximum combined capacity of 10 GW. This huge project is a deliberate attempt to lower India's carbon footprint and strengthen its renewable energy infrastructure.

NTPC, India's largest power utility, has around 76 GW of installed generation capacity. The NTPC group has set an ambitious target to achieve 60 GW of renewable energy capacity by 2032 as part of a strategic vision to expand its renewable energy portfolio. As of right now, the business has established a strong presence in the renewable energy space, having deployed 3.5 GW of capacity with an attractive pipeline surpassing 28 GW.

On the other hand, MAHAPREIT, a wholly-owned subsidiary of the Mahatma Phule Backward Class Development Corporation (MPBCDC), represents the Maharashtra government's proactive stance towards fostering renewable energy initiatives. With the ability to carry out a wide range of operations, from the production and trading of renewable energy assets to their leasing and rental, MAHAPREIT is well-positioned to be a major player in advancing Maharashtra's transition to sustainable energy.

The partnership between MAHAPREIT and NTPC Green Energy represents a common dedication to quickening the uptake of renewable energy solutions, bringing with it a more optimistic and environmentally friendly future for Maharashtra and the country as a whole.