The company to be set up under the joint venture will develop GW-scale renewable energy parks and undertake projects of this scale in a phased manner. The agreement aligns with the green energy objectives of NTPC and is another step in the Government of India’s efforts towards energy transition, the firm stated.

NTPC is India’s largest integrated power utility with a total installed capacity, including JVs and subsidiaries, of approximately 74 GW. As part of increasing its renewable energy portfolio, NGEL, a fully owned subsidiary, has been formed which will take up renewable energy parks and projects including businesses in the area of green hydrogen, energy storage technologies, and round-the-clock renewable energy.

NTPC Group has plans of attaining 60 GW of renewable energy capacity by the year 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline. NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals, it added.

MAHAGENCO has an installed capacity of about 13,170 MW including 9,540 MW thermal, 2,580 MW hydro, 672 MW gas and 378 MW solar-based power plant capacity.

NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 31 December 2023, the Government of India holds 51.10% in NTPC.

The state-run power major’s consolidated net profit rose 7.3% to Rs 5,208.87 crore in Q3 FY24 as compared with Rs 4,854.36 crore recorded in Q3 FY23. Revenue from operations stood at Rs 42,820.38 crore in the December quarter, down 4% from Rs 44,601.84 crore posted in Q3 FY23.

The scrip rose 0.14% to trade at Rs 333.45 on the BSE.