Indian Economy News

NGEL signs MoU with Government of Maharashtra for development of Green Hydrogen Projects; US$ 9.6 billion (Rs. 80,000 crore) investment expected in five years

NTPC Green Energy Limited (NGEL) has formalized a Memorandum of Understanding (MoU) with the Government of Maharashtra, outlining collaborative efforts to develop Green Hydrogen and its derivatives, such as Green Ammonia and Green Methanol. The ambitious agreement targets achieving an annual capacity of up to one million tons, accompanied by Pumped Storage Projects totalling 2 GW and establishing renewable energy projects (with or without storage) amounting to 5 GW in the state. Aligned with the Government of Maharashtra's Green Investment Plan for the next five years, this strategic partnership is projected to attract an investment of approximately US$ 9.6 billion (Rs. 80,000 crore), signifying a significant step towards sustainable energy solutions.

The formal exchange of the MoU transpired on January 29, 2024, with the Chief Minister of Maharashtra, Mr. Eknath Shinde, Deputy Chief Minister of Maharashtra, Mr. Devendra Fadnavis, and other senior officials in attendance. NTPC, steadfast in its commitment to achieving a renewable energy capacity of 60 GW by 2032, positions NGEL as a pivotal player in this transformative journey. As a wholly owned subsidiary of NTPC, NGEL is already making strides with an operational capacity exceeding 3.4 GW and an impressive pipeline of 26 GW, which includes 7 GW currently under implementation, solidifying its role as a torchbearer for NTPC's renewable energy initiatives.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.