NTPC Green Energy Ltd (NGEL) has teamed up with Mahapreit (Mahatma Phule Renewable Energy and Infrastructure Technology Ltd) to develop 10 GW of renewable energy projects in Maharashtra and other states. The two companies signed a joint venture agreement to build these renewable energy parks, according to a statement from NGEL.
Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, Managing Director of Mahapreit, signed the deal in Mumbai.
This joint venture comes as NGEL prepares for its ₹10,000 crore Initial Public Offering (IPO), which is expected to launch in early November. The IPO will help fund NGEL’s plans to expand its renewable energy capacity to over 60 GW by 2030, supporting India’s goal of reaching 500 GW of non-fossil energy capacity by the end of the decade.
Currently, NGEL has 3,071 MW of solar power and 100 MW of wind power capacity. The company aims to boost its renewable energy portfolio by completing ongoing projects and exploring new growth opportunities with both public and private partners. Mahapreit, a Maharashtra government-owned company, focuses on renewable energy generation and trading.
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