NLC India Renewables, a wholly owned subsidiary of NLC India, has signed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to develop 5,000 MW of renewable energy projects in Maharashtra.

These projects will span solar, wind, hybrid systems, floating solar, battery energy storage systems, and pumped storage, with an initial focus on developing 500 MW in the first phase.

The joint venture company will be structured with NLC India Renewables holding 74% equity and MAHAPREIT holding the remaining 26%.

Under the agreement, MAHAPREIT will assist in identifying and allocating land for the projects, and support the development of power evacuation infrastructure. NLC India Renewables will be responsible for preparing detailed project reports, arranging financing, and executing project development.

Power generated from the joint venture’s projects will be sold through both competitive and regulated channels, catering to a diverse customer base that includes power distribution companies, government agencies, and commercial and industrial consumers.

NLC India Renewables has also established another joint venture with Rajasthan Rajya Vidyut Utpadan Nigam. Operating under the name NIRL Rajasthan Renewables, this company will also adopt a 74:26 equity model, focusing on the development, operation, and maintenance of green energy projects.

NLC India Renewables was incorporated in June 2023 in Chennai to manage the existing renewable assets of NLC India.

NLC India operates 1,431.26 MW of installed renewable energy capacity, comprising a mix of ground-mounted solar, rooftop solar, floating solar power projects, and wind power projects. The central public sector enterprise has set a target to install 10.11 GW of solar capacity by 2030.

According to Mercom’s India Solar Tender Tracker, NLC India has floated tenders for over 7.5 GW of solar projects to date, and MAHAPREIT has floated tenders for over 3 GW of solar projects.