NLC India and Mahatma Phule to develop 2 GW of renewable energy

The collaboration will scale up to 5,000 MW.

NLC India Renewables Limited (NIRL) has signed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) for the development of  2,000 megawatts (MW) of renewable energy projects.

In a statement, the Ministry of Coal said the 2,000 MW capacity will cover projects across solar, wind, hybrid, floating solar, battery energy storage system, pumped storage and solar parks.

There will be an initial focus on 500 MW in Phase I, then scaling to 5,000 MW in Maharashtra.

The JVC will have an equity structure of 74% held by NIRL and 26% by MAHAPREIT.

MAHAPREIT will facilitate identification and allotment of land for the projects, in addition to support development of the Power Evacuation System to the Grid. NIRL, meanwhile, ill help in preparing the detailed project reports, arranging finance, and developing projects.

The JVC will undertake power sales through competitive and regulated routes, targeting a mix of DISCOMs, government entities, and commercial and industrial consumers.