NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Limited, has signed a Joint Venture Agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT).

This is in continuation to the Memorandum of Understanding (MoU) signed between NIRL and MAHAPREIT in April.

The collaboration marks a major milestone in NIRL’s strategic expansion and foray into the state of Maharashtra’s 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 Phase I, eventually scaling to 5000 MW in Maharashtra, according to a media release.

The JVC will have an equity structure of 74% held by NIRL and 26% by MAHAPREIT. Under this agreement, MAHAPREIT will facilitate in identification & allotment of land for the projects in addition to support 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 JVC will undertake power sales through competitive and regulated routes, targeting a mix of power distribution companies, government entities, and commercial and industrial consumers, the media release said.

“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,” coal secretary Vikram Dev Dutt was quoted as saying by Indian news agency PTI. “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.”