NLC India Renewables Ltd (NIRL), an arm of state-owned coal miner NLC India Ltd, has entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT), a Maharashtra government entity, to jointly develop renewable energy projects in Maharashtra.
The joint venture company aims to develop 5 GW of renewable energy capacity in the state, with an initial target of 2 GW. It will undertake projects across ground-mount solar, wind, hybrid, floating solar, battery energy storage systems (BESS), and pumped hydro storage.
The JV company will be 74% owned by NIRL and 26% by MAHAPREIT.
MAHAPREIT will facilitate identification and allotment of land for the projects, in addition to supporting development of power evacuation system to the grid. NIRL will help in preparing the detailed project reports, arranging finance and development of RE projects.
The power generated will be sold, through both regulated and competitive routes under Sections 62 or 63 of the Electricity Act, to discoms, government agencies, and commercial and industrial consumers.
NLC India is India’s first central public sector undertaking (CPSU) to establish 1 GW of renewable energy projects in the country. It targets 10 GW of renewable energy capacity by 2030, aligned with the nation’s decarbonization and energy security goals.
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