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 JV company will initially focus on developing 2,000 MW of renewable energy capacity, with 500 MW in Phase I and will scale up to 5,000 MW in the fture. 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.
