NIRL, renewable energy arm of NLCIL and Mahapreit sign agreement to collaborate on green energy projects

In a move towards accelerating India’s renewable energy goals, NLC India Renewables Limited (NIRL), a wholly-owned subsidiary of NLC India Limited (NLCIL), has signed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT).

The JV agreement was signed in the presence of Vikram Dev Dutt, Secretary, Ministry of Coal, Prasanna Kumar Motupalli, Chairman-cum-Managing Director of NLCIL and Bipin Shirmali, Managing Director of Mahapreit.

According to NLCIL, this collaboration marks a major milestone in NIRL’s strategic expansion and foray into the State of Maharashtra’s thriving renewable energy sector. The Joint Venture Company (JVC) to be formed under this agreement will be instrumental in developing up to 2,000 MW of renewable energy projects, including solar, wind, hybrid, floating solar, Battery Energy Storage System, pumped storage and solar parks, with an initial focus on 500 MW in phase I, eventually scaling to 5,000 MW in the State.

The Joint Venture company will have an equity structure of 74% held by NIRL and 26% by Mahapreit.

Under the terms of agreement, Mahapreit will facilitate in identification and allotment of land for the projects in addition to development of Power Evacuation System in the grid. NIRL, on the other hand, will help in preparing the detailed project reports, arranging finance and developing renewable energy projects.

The JVC will undertake power sales through competitive and regulated routes under the Electricity Act, targeting a mix of DISCOMs, government entities and commercial and industrial consumers.

According to Mr. Dutt, the signing of this JV agreement between NIRL and Mahapreit is a demonstration of the Union government’s commitment to fostering collaborative partnerships that accelerate the country’s transition to green energy.

Maharashtra’s immense renewable energy potential, coupled with NIRL’s proven track expertise will serve as a catalyst for sustainable growth and energy security. “The coal sector is actively supporting the decarbonisation journey, and such partnerships embody the synergy needed to achieve our national targets for renewable energy deployment and climate resilience,” he said.

Published - May 30, 2025 09:07 pm IST