NTPC Green Energy joins hands with MAHAPREIT for renewable energy projects

State-owned power giant NTPC's arm NTPC Green Energy on Wednesday said it has entered into a pact with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) for development of renewable energy parks and projects in Maharashtra.

The agreement was signed between Rajiv Gupta, Chief Executive Officer, NTPC Green Energy Ltd. (NGEL), and Amol Shinde, Chairman and Managing Director, MAHAPREIT, according to a statement.

The agreement envisages joint development of grid-connected renewable energy park and projects including solar, wind, hybrid etc. And/or solutions thereof up to 10 GW in Maharashtra.

NTPC is India's largest power utility having total installed generation capacity of more than 76 GW.

As part of efforts towards increasing NTPC's renewable energy portfolio, a fully owned subsidiary has been formed as NGEL for taking up renewable energy parks and projects including businesses in the areas of green hydrogen, energy storage technologies, and round-the-clock renewable energy.

The NTPC group aims to achieve 60 GW of renewable energy (RE) capacity by 2032. It currently has 3.5 GW of installed RE capacity and 28-plus GW under pipeline.

MAHAPREIT is a wholly-owned subsidiary of Mahatma Phule Backward Class Development Corporation (MPBCDC), a Maharashtra government's enterprise set up for carrying out the business of generating, trading, operating, leasing and renting renewable energy.