In a significant stride towards sustainable energy, NLC India Renewables (NIRL), a wholly-owned subsidiary of NLC India Limited, has partnered with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) to develop 5,000 MW of renewable energy projects in Maharashtra. This collaboration aims to bolster India’s renewable energy capacity and contribute to the nation’s net-zero emissions target by 2070.
Joint Venture Overview
The joint venture (JV) between NIRL and MAHAPREIT is structured with a 74:26 equity split, respectively. The initial phase focuses on developing 500 MW of renewable energy projects, encompassing solar, wind, hybrid systems, floating solar, battery energy storage systems, and pumped storage. MAHAPREIT will facilitate land identification and allocation, as well as support the development of power evacuation infrastructure. NIRL will be responsible for preparing detailed project reports, arranging financing, and executing project development.
Strategic Significance
This collaboration aligns with India’s ambitious goal of achieving 500 GW of non-fossil energy capacity by 2030, as pledged at the COP26 summit. NLC India Limited plans to invest approximately ₹50,000 crore to increase its renewable energy capacity from 1.43 GW to 10.11 GW by 2030, aiming for a 50% renewable energy portfolio mix.
Broader Impact
The JV’s projects will cater to a diverse customer base, including power distribution companies, government agencies, and commercial and industrial consumers. By expanding renewable energy infrastructure, the partnership will contribute to reducing India’s reliance on conventional energy sources, diversifying the energy mix, and lowering carbon emissions.
The NLC India and MAHAPREIT collaboration marks a significant milestone in India’s renewable energy journey. By leveraging combined expertise and resources, the partnership is poised to accelerate the development of sustainable energy projects, supporting India’s transition to a greener and more resilient energy future.
