The green energy arm of India's state-run power producer, NTPC Ltd, has formalized a Memorandum of Understanding (MoU) for a substantial green hydrogen project in Maharashtra. This collaboration, backed by the state's government, is a key component of Maharashtra's green investment plan for the next five years, with an estimated investment potential of approximately INR 800 billion (USD 9.65 billion/EUR 8.87 billion), according to a recent statement by NTPC.
The proposed plan by NTPC Green Energy Limited involves the development of up to 5 GW of renewables, with or without a battery storage component, along with 2 GW of pumped hydro storage. In addition, the project aims to establish an annual production capacity of up to one million tonnes for the green hydrogen plant.
This ambitious proposal is in line with NTPC's broader strategy to achieve 60 GW of renewables by 2032. Currently, NTPC Green boasts an installed renewables capacity of over 3.4 GW, with an additional 26 GW of projects in the pipeline, including 7 GW currently under implementation.
The memorandum signifies a significant step towards aligning the energy sector with sustainable practices and contributing to the green energy goals set by the Indian government.