NGEL will invest INR 80,000 crore in Maharashtra’s green investment plan in next 5 years, develop green hydrogen and its derivatives such as green ammonia and green methanol having capacity up to 1 million TPA.

Mar 15, 2024

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, has signed a Memorandum of Understanding with the government of Maharashtra for the development of green hydrogen and its derivatives such as green ammonia and green methanol having capacity of up to 1 million tonnes per annum.

As per the MoU, NGEL will invest around INR 80,000 crore in Maharashtra’s green investment plan for the next five years.

The agreement includes creation of pumped storage projects of 2 gigawatts and development of renewable energy projects, including renewable energy parks, with or without storage up to 5 GW in the state.

The Joint Venture agreement was signed between Mr. Mohit Bhargava, Chief Executive Officer, NGEL and Mr. Narayan Karad, Deputy Secretary (Energy), Government of Maharashtra. 

NTPC is India’s largest integrated power utility with a total installed capacity, including JVs and subsidiaries, of approximately 74 GW. As part of increasing its renewable energy portfolio, NTPC Green Energy Limited (NGEL), a fully-owned subsidiary has been formed, which will take up renewable energy parks and projects, including businesses in the area of green hydrogen, energy storage technologies, and round-the-clock renewable energy.

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NTPC Group has ambitious plans of attaining 60 GW of renewable energy capacity by 2032. Currently, it has 3.4 GW of installed RE capacity and more than 22 GW under pipeline. NTPC is committed to supporting Maharashtra’s and India’s decarbonisation goals.

NGEL is a wholly-owned subsidiary of NTPC and aims to be the flag bearer of NTPC’s Renewable Energy journey with an operational capacity of over 3.4 GW and 26 GW in pipeline including 7 GW under implementation.