NTPC Green Energy Ltd, a wholly owned subsidiary of NTPC Ltd, on Tuesday incorporated a 50:50 joint venture with Maharashtra State Power Generation Company Limited (MAHAGENCO).
The new JV MAHAGENCO NTPC Green Energy Pvt Ltd (MNGEPL) will develop, operate and maintain renewable energy park(s) in Maharashtra under the Ultra-Mega Renewable Energy Power Parks(UMREPP) scheme and allot Park(s) for development of renewable energy projects.
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The JV has an authorised capital of Rs 10 lakh, with both NTPC Green Energy and MAHAGENCO subscribing equally to its shares.
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Earlier, the company also entered into a JV agreement with Andhra Pradesh to undertake renewable energy projects.
The topmost priority of NTPC Green Energy Ltd after its listing will be to scale up renewable energy capacity in a phased manner to 19 giga watt (GW) by 2026-27 at an estimated investment of Rs 1 lakh crore, Gurdeep Singh, chairman and managing director of its parent company NTPC Ltd had earlier said.
The company plans to add 6 GW in the current financial year and another 11 GW in FY26 before reaching the target of 19 GW.
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He noted that power purchase agreements (PPAs) for all the capacities have been signed and the EPC contracts have been awarded. For solar, PPAs have been signed at a tariff of Rs 2.6 per unit while for wind projects, the tariff will be in the range of Rs 3.24-3.6 per unit. The new projects are likely to come up in the states of Gujarat, Rajasthan, Maharashtra, Chhattisgarh, Andhra Pradesh, Telangana and Uttar Pradesh. The company has set up plans to increase its renewable energy capacity to 60 GW by 2030.
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