Maharashtra approves Mahagenco-SJVN JV for 5,000 MW renewable projects
Author: PPD Team Date: September 18, 2025
The Maharashtra cabinet has cleared the creation of a joint venture (JV) between Maharashtra State Power Generation Company Limited (Mahagenco) and SJVN Limited to develop 5,000 megawatts (MW) of renewable energy capacity.
Under the agreement, SJVN will hold 51 percent equity and Mahagenco 49 percent. The projects will cover pumped storage hydro, solar-wind hybrid systems, floating solar, and green hydrogen-linked ventures.
In the first phase, the JV will develop 735 MW. This includes the Ghatghar Phase-2 lift hydro project of 125 MW, a 105 MW floating solar project at Irai, and the 505 MW Nimnawardha floating solar project. The cabinet approval was given in a meeting chaired by Deputy Chief Minister Devendra Fadnavis.
The partnership builds on a Memorandum of Understanding signed in June 2023 between the two entities. Financing will be structured at a debt-to-equity ratio of 70:30 or 80:20, with Mahagenco contributing its equity share.
The governance framework provides for a six-to-ten-member board with equal representation. SJVN will hold the chairperson’s role for the first three years, while CEO, CFO, and COO positions will be shared between the two companies.