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Updated January 30th, 2024 at 17:12 IST

NTPC Green Energy signs MoU with Maharashtra Government for green hydrogen projects

This agreement anticipates a substantial investment of Rs 80,000 crore, according to an official statement.

Business Desk
Green Hydrogen
NTPC Green Energy signs MoU with Maharashtra Government for green hydrogen projects | Image:Freepik
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MoU signed: NTPC Green Energy Ltd (NGEL) announced on Tuesday the signing of a Memorandum of Understanding (MoU) with the Maharashtra government to initiate green hydrogen projects and associated derivatives within the state. This agreement aligns with the Green Investment Plan outlined by the state government over the next five years, anticipating a substantial investment of Rs 80,000 crore, according to NGEL's official statement.

Developing green hydrogen

Under the MoU, NGEL is committed to developing green hydrogen and its derivatives, including green ammonia and green methanol, with a combined capacity of up to 1 million metric tonnes per annum. Additionally, the agreement encompasses the establishment of pump hydro projects boasting 2 GW and the development of renewable energy (RE) projects, with or without storage, totaling up to 5 GW in Maharashtra.

The formal exchange of the MoU took place on Monday in Mumbai, witnessing the participation of NGEL's Chief Executive Officer, Mohit Bhargava, and Narayan Karad, Deputy Secretary (Energy), representing the Maharashtra government. The event also witnessed the presence of the state's Chief Minister, Deputy Chief Minister, and other high-ranking officials.

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NGEL, a wholly-owned subsidiary of NTPC, currently operates with a capacity exceeding 3.4 GW and boasts an ambitious pipeline of 26 GW, including 7 GW currently under implementation. The strategic collaboration between NGEL and the Maharashtra government aims to contribute significantly to the state's green energy landscape, promoting sustainable and environmentally friendly practices in the production of hydrogen and its derivatives.

(with PTI inputs)

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Published January 30th, 2024 at 17:12 IST

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