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MAHAGENCO–SJVN JV Targets 735 MW Renewable Projects in First Phase of Maharashtra’s 5 GW Clean Energy Plan

The joint venture between Maharashtra Power Generation Company (MAHAGENCO) and SJVN has launched the first phase of its ambitious 5 GW renewable energy initiative in Maharashtra, aiming to develop 735 MW of clean energy projects. The phase includes the 125 MW Ghatghar Phase 2 pumped storage project, the 105 MW Irai floating solar project, and 505 MW of additional floating solar projects on reservoirs across the state.

The Maharashtra government recently approved the JV, in which SJVN will hold a 51% equity stake and MAHAGENCO 49%. The JV’s debt-equity ratio will vary between 70:30 and 80:20, depending on each project’s commercial viability. SJVN will nominate the CEO, while MAHAGENCO will appoint the CFO, and both will alternately assign the COO.

This collaboration is a key step in Maharashtra’s target to generate 50% of its power from renewable energy sources by 2030 and 75% by 2047. MAHAGENCO currently operates 13,880 MW of installed capacity, with renewables contributing only 428 MW. The new projects are expected to significantly expand the state’s green energy portfolio. Meanwhile, SJVN Green Energy has been actively advancing solar development in Maharashtra, recently floating tenders for over 1.6 GW of projects under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.