State-run NTPC announced on Tuesday the formation of a 50:50 joint venture with Maharashtra State Power Generation Company Ltd. (MAHAGENCO). The new entity, named MAHAGENCO NTPC Green Energy Private Limited (MNGEPL), will focus on renewable energy initiatives in Maharashtra.
According to a regulatory update, MNGEPL was officially incorporated on November 25, 2024. It is a collaborative effort between NTPC Green Energy Ltd. (NGEL), a wholly-owned subsidiary of NTPC, and MAHAGENCO, which is owned by the Maharashtra government.
The joint venture aims to develop, operate, and manage renewable energy parks in the state under the Ultra Mega Renewable Energy Power Parks (UMREPP) framework. These parks will facilitate the development of renewable energy projects, further advancing clean energy adoption in Maharashtra.
As part of the agreement, NGEL has acquired 50,000 equity shares in the venture, each valued at ₹10, reflecting its 50% stake.
