NLC India Renewables Limited, a wholly owned subsidiary of NLC India Limited, has signed a joint venture agreement with PTC India to jointly develop green energy projects, marking a significant step in expanding India’s renewable capacity.

The agreement follows a memorandum of understanding signed by the two entities in September. Under the collaboration, the joint venture will develop up to 2,000 MW of renewable energy capacity in phases, with the first phase targeting around 500 MW.

The joint venture involves PTC India Limited and NLC India Limited and will focus on the establishment, operation and maintenance of renewable energy projects across solar, wind, hydro, battery energy storage systems, green ammonia and other emerging clean technologies. NLC said the new venture will allow both organisations to combine strengths in project development, power trading, renewable energy park development and integrated green energy solutions.

Power generated by the joint venture will be sold through both competitive and regulated routes, catering to a diversified customer base including distribution companies, government entities, and commercial and industrial consumers.

Separately, NLC India has received a Letter of Acceptance from the National Capital Region Transport Corporation Limited for setting up 110 MW (AC) grid-connected solar photovoltaic power projects in Uttar Pradesh under the captive mode. Under the terms of the project, power generated will be supplied for a period of 25 years under a power purchase agreement.