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Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) and NLC India Renewables Limited (NIRL), a wholly-owned subsidiary of NLC India Ltd, inked a Joint Venture Agreement (JVA) in Mumbai earlier this week. This strategic alliance aims to spearhead renewable energy development across Maharashtra, beginning with 500 MW and scaling up to 5000 MW. The new joint venture company (JVC) will focus on solar, wind, hybrid, floating solar, battery energy storage systems (BESS), pumped storage, and solar parks. NIRL will hold a 74% stake in the JVC, while MAHAPREIT will hold the remaining 26%.
In a significant move within India's renewable energy sector, NLC India Renewables Limited (NIRL), a wholly-owned subsidiary of NLC India Ltd, entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) earlier this week. The agreement was formalised in Mumbai and signals NIRL's deeper expansion into Maharashtra's rapidly growing green energy ecosystem. Advertisement
The collaboration will see the creation of a joint venture company (JVC) that is set to develop renewable energy projects of up to 2000 MW in capacity. The initiative will begin with a 500 MW rollout in its first phase, with long-term goals to scale operations up to 5000 MW across the state. These projects will encompass various technologies, including solar, wind, hybrid models, floating solar systems, battery energy storage systems (BESS), pumped storage, and solar parks.
As per the equity structure of the JVC, NIRL will hold a majority stake of 74%, while MAHAPREIT will retain the remaining 26%. Each entity will bring its specialised capabilities to the table. MAHAPREIT will facilitate the identification and allocation of land for the green projects and assist in building a power evacuation system to connect to the electricity grid. Meanwhile, NIRL will be responsible for preparing detailed project reports, securing financing, and leading the overall project development efforts.
The JVC intends to sell the generated power through both competitive and regulated mechanisms under Section 62 and Section 63 of the Electricity Act. Its target clientele includes state DISCOMs, government bodies, and commercial and industrial consumers.
According to coal secretary Vikram Dev Dutt, Maharashtra's renewable energy capacity holds considerable promise. He remarked that this joint venture would act as a powerful driver of sustainable progress and energy resilience. He emphasised that the coal sector is actively contributing to India's decarbonisation efforts, and such partnerships reflect the integrated approach necessary to meet national renewable energy goals and bolster climate resilience.
The planned projects in Maharashtra not only promise capacity expansion but also underscore the importance of synergetic public-private models in achieving the country's ambitious climate goals. This partnership sets the stage for innovative, large-scale deployments in green energy that align with national objectives.
Source - PTI
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