The Joint venture company (JVC) to be formed under this agreement will be instrumental in developing up to 2000 MW of renewable energy projects including solar, wind , hybrid, floating solar, BESS, pumped storage and solar parks, with an initial focus on 500 MW in Phase –I eventually scaling to 5000 MW in Maharashtra. The JVC will have an equity structure of 74% held by NIRL and 26% by MAHAPREIT.

Under this Agreement, MAHAPREIT, will facilitate in identification & allotment of land for the projects in additions to support development of power evacuation system to the Grid. NIRL on the other hand will help in preparing the detailed project reports, arranging finance and development of RE projects.

Statement from Hon'ble Secretary (Coal), Government of India: “The signing of this Joint Venture Agreement between NIRL and MAHAPREIT is a demonstration of the government’s commitment to fostering collaborative partnerships that accelerate the country’s transition to green energy. Maharashtra’s renewable potential is immense, and with the proven expertise of NIRL in project execution and the regional strength of MAHAPREIT, this joint venture will serve as a catalyst for sustainable growth and energy security. The coal sector is actively supporting the decarbonization journey and such partnerships embody the synergy needed to achieve our national targets for renewable energy deployment and climate resilience.”

NLC India is a 'Navratna' government of India company engaged in lignite mining and power generation. As of 31 March 2025, the Government of India held a 72.20% stake in the company.

The public sector undertaking's consolidated net profit zoomed 321.83% to Rs 481.96 crore on 8.34% increase in revenue from operations to Rs 3,836 crore in Q4 FY25 over Q4 FY24.