NLC India Renewables (NIRL), a subsidiary of the state-owned coal mining company NLC India, has formed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT), an entity under the Maharashtra government, to collaboratively develop renewable energy projects in Maharashtra.

The newly established joint venture company plans to develop 5 GW of renewable energy capacity within the state, initially targeting 2 GW. Its projects will encompass ground-mounted solar, wind, hybrid systems, floating solar, battery energy storage systems (BESS), and pumped hydro storage.

NIRL will hold a 74 per cent stake in the joint venture, while MAHAPREIT will own the remaining 26 per cent.

MAHAPREIT will be responsible for facilitating the identification and allocation of land for these projects, as well as supporting the development of the power evacuation system to connect to the grid. On the other hand, NIRL will handle the preparation of detailed project reports, arranging financing, and the overall development of the renewable energy projects.

The electricity generated by these projects will be sold via both regulated and competitive mechanisms, in accordance with Sections 62 or 63 of the Electricity Act, to distribution companies (discoms), government agencies, and commercial and industrial consumers.

NLC India holds the distinction of being the first central public sector undertaking (CPSU) in India to establish 1 GW of renewable energy projects. The company aims to reach a renewable energy capacity of 10 GW by 2030, aligning with the country's goals for decarbonisation and energy security.