The Maharashtra government has approved the formation of a joint venture (JV) between Maharashtra State Power Generation Company (Mahagenco) and SJVN to develop 5,000 MW of renewable energy projects. The decision was cleared at a cabinet meeting chaired by Chief Minister Devendra Fadnavis.

The initiative supports Maharashtra’s renewable energy roadmap—targeting 50% clean power by 2030 and 75 per cent by 2047—in line with India’s net-zero 2070 goal. Currently, Mahagenco generates 428 MW of renewable power.

Under the JV, SJVN will hold 51 per cent equity, while Mahagenco will hold 49 per cent, with a debt-equity ratio of 70:30 or 80:20. Mahagenco will fund its equity contribution. Governance will include a board of 6–10 directors with equal representation. The chairperson will be nominated by SJVN for the first three years, while the CEO will come from SJVN, CFO from Mahagenco, and COO will rotate.

In the first phase, projects totalling 735 MW will be developed, including Ghatghar Phase-2 Lift Hydro (125 MW), Irai Floating Solar (105 MW), and Nimnawardha Floating Solar (505 MW). The JV will also explore solar-wind hybrids, floating solar, pumped hydro, and green hydrogen-linked projects.

News source: The Week