NLC India arm, MAHAPREIT form joint venture for green energy projects

New Delhi, May 29 (PTI) NLC India arm NIRL has entered into a pact with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd to form a joint venture firm for the development of green energy projects, the government said on Thursday.

" NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Ltd, signed a Joint Venture Agreement (JVA) today with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) at Mumbai," the coal ministry said in a statement.

This collaboration marks a milestone in NIRL's strategic expansion and foray into the State of Maharashtra's thriving renewable energy sector.

The joint venture company (JVC) to be formed under this agreement will be instrumental in developing up to 2000 MW of renewable energy projects including solar, wind, hybrid, floating solar, BESS, pumped storage and solar parks, with an initial focus on 500 MW in the first phase, eventually scaling to 5000 MW in Maharashtra.

In the JVC, 74 of the equity will be of NIRL and the remaining 26 per cent of MAHAPREIT.

Under this Agreement, MAHAPREIT, will help in identification and allotment of land for the projects in addition to support development of Power Evacuation System to the Grid. NIRL on the other hand will help in preparing the detailed project reports, arranging finance and Development of RE projects.

The JVC will undertake power sales through competitive and regulated routes under Section 62 or Section 63 of the Electricity Act, targeting a mix of DISCOMs, government entities, and commercial & industrial consumers.

"Maharashtra's renewable potential is immense, and with the proven expertise of NIRL in project execution and the regional strength of MAHAPREIT, this joint venture will serve as a catalyst for sustainable growth and energy security. The coal sector is actively supporting the decarbonisation journey, and such partnerships embody the synergy needed to achieve our national targets for renewable energy deployment and climate resilience," coal secretary Vikram Dev Dutt said. PTI SID BAL MR