New Delhi: NLC India Renewables Limited (NIRL) and Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) have signed a joint venture agreement to jointly develop renewable energy projects in Maharashtra, beginning with a 500 MW capacity in the first phase.
The agreement between NIRL and MAHAPREIT was formalised in Mumbai on 29 May in the presence of key government officials, including the Secretary of the Ministry of Coal and representatives from both entities. This follows a Memorandum of Understanding signed between the two companies on April 16, 2025.
The joint venture company (JVC) will be structured with a 74:26 equity shareholding between NIRL and MAHAPREIT, respectively. The JVC plans to develop up to 2,000 MW of renewable energy capacity, with the potential to expand to 5,000 MW across Maharashtra. The projects will include solar, wind, hybrid, floating solar, battery energy storage systems (BESS), pumped hydro storage, and solar parks.
According to the agreement, MAHAPREIT will support land identification, allocation, and facilitate grid connectivity. NIRL will be responsible for preparing detailed project reports, securing financing, and managing project development and execution.
The new entity will explore both competitive bidding (Section 63) and regulated tariff (Section 62) mechanisms under the Electricity Act for power sales. The primary customers will include state DISCOMs, public sector entities, and commercial and industrial users.
While addressing the agreement signing, Secretary (Coal) Vikram Dev Dutt noted that partnerships like this one are aligned with the government’s wider decarbonisation objectives. He said such joint ventures between state-backed entities can play a critical role in supporting renewable energy targets and ensuring regional energy security.
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