NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has signed a joint venture agreement with Maharashtra State Power Generation Company (MAHAGENCO), for development of renewable energy parks in Maharashtra.

The company to be set up under the joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner. The agreement aligns with the green energy objectives of NTPC and is another step in the Government of Indias efforts towards energy transition, the firm stated.

NTPC is Indias largest integrated power utility with a total installed capacity, including JVs and subsidiaries, of approximately 74 GW.

As part of increasing its renewable energy portfolio, NGEL, a fully owned subsidiary, has been formed which will take up renewable energy parks and projects including businesses in the area of green hydrogen, energy storage technologies, and round-the-clock renewable energy.

NTPC Group has plans of attaining 60 GW of renewable energy 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 Maharashtras and Indias decarbonisation goals, it added.