NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Limited, has signed a joint venture (JV) agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT). The agreement aims to accelerate renewable energy development in Maharashtra. This development follows a MoU signed between the two companies in April 2025.
The JV company to be formed will initially focus on developing 2000 MW of renewable energy capacity, with 500 MW in Phase I, and the long-term goal of scaling up to 5,000 MW. The planned renewable portfolio will reportedly include solar, wind, hybrid, floating solar, battery energy storage systems, pumped storage projects, and solar parks. The equity structure of the JV company will consist of 74 per cent ownership by NIRL and 26 per cent by MAHAPREIT.
Additionally, MAHAPREIT will assist in identifying and allotting land for the projects, as well as supporting the development of power evacuation infrastructure to connect with the grid. NIRL will be responsible for preparing detailed project reports, arranging financing, and developing the renewable energy projects. The JV company will undertake power sales through both competitive and regulated mechanisms under Section 62 or Section 63 of the Electricity Act. The intended consumers include discoms, government entities, and commercial and industrial users.
