NGEL, also known as NTPC Green Energy Limited, has entered into a formal agreement by signing a memorandum of understanding (MoU) with the Government of Maharashtra. The focus of this initiative is centered around the development of Green Hydrogen.
NTPC Green Energy Limited, a subsidiary of NTPC Limited, is one of the India’s largest integrated energy companies. Established with a focus on renewable energy, the company specializes in the development and operation of renewable projects, including solar and wind power. Committed to reducing the carbon footprint, the company contributes to India’s clean energy goals.
NGEL (NTPC Green Energy Limited) has officially entered into a collaborative agreement by signing a memorandum of understanding (MoU) with the Government of Maharashtra. This partnership is aimed at spearheading the development of Green Hydrogen and its derivatives, such as Green Ammonia and Green Methanol, with a targeted annual production capacity of up to 1 million tons.
The collaboration extends to encompass the implementation of pumped storage projects totaling 2 gigawatts, coupled with the development of renewable energy projects, with or without storage, reaching a capacity of 5 gigawatts within the state.
As an integral component of the Government of Maharashtra’s Green Investment Plan spanning the upcoming five years, a Memorandum of Understanding (MoU) has been executed. The accord outlines the prospect of an estimated investment amounting to around Rs 80,000 crore, as disclosed by the Union Ministry of Power in a press release issued on Tuesday.
On Monday, January 29, the Memorandum of Understanding (MoU) was formalized through an exchange between Mohit Bhargava, Chief Executive Officer of NGEL, and Narayan Karad, Deputy Secretary (Energy) of the Government of Maharashtra. This transpired in Mumbai, with the presence of Eknath Shinde, the Chief Minister of Maharashtra, and Deputy Chief Minister Devendra Fadnavis, alongside various senior officials.
The agreement holds significance in the context of NTPC’s renewable energy endeavors, as the organization charts a course towards augmenting its renewable energy capacity to an impressive 60 gigawatts by the year 2032, as disclosed by the ministry. This move underscores NTPC’s commitment to contributing substantially to the renewable energy landscape, aligning with broader national and global sustainability objectives.
NGEL is positioned as the vanguard of NTPC’s foray into Renewable Energy, aspiring to achieve an operational capacity exceeding 3.4 GW, with an additional 26 GW in the pipeline. This portfolio includes 7 GW currently in the implementation phase. The objective is to establish NGEL as the standard-bearer in NTPC’s pursuit of sustainable energy solutions.