The Maharashtra State Cabinet, led by Chief Minister Devendra Fadnavis, approved the formation of a joint venture company between Maharashtra State Power Generation Company (MAHGENCO) and Satluj Jal Vidyut Nigam (SJVN) to implement 5000 MW of renewable energy (RE) projects.

The decision follows an MoU signed on 14 June, 2023, between the two entities. The project portfolio includes pumped storage hydro, green hydrogen with solar-wind hybrid, and floating solar projects. As per the agreement, SJVN will hold 51 percent equity, and MAHAGENCO 49 percent in the JV. 

In Phase-1, the JV will develop 735 MW of capacity, including the 125 MW Ghatghar Phase-2 pumped storage project, 105 MW Irai floating solar project, and 505 MW Nimnawardha floating solar project, marking a significant step toward Maharashtra’s clean energy transition. A senior Mantralaya official said, “The central government has set a target to bring carbon emissions to zero by 2070. For this, the state government has set targets to generate 50% of energy from renewable sources by 2030, and 75% by 2047.”