New Delhi, Jan 30 : NTPC Green Energy Limited (NGEL) has signed a Memorandum of Understanding (MoU) with the Maharashtra Government for the development of Green Hydrogen and derivatives (Green Ammonia, Green Methanol) of up to 1 million tonnes capacity per annum, the public sector power giant said on Tuesday.

The plan includes Pump Hydro Projects of 2 GW and development of renewable energy projects with or without storage up to 5 GW in the state. NTPC has plans to build renewable energy capacity of 60 GW by 2032, according to the company statement.

The MoU forms part of Green Investment Plan of the Maharshtra government in the next five years and envisages a potential investment of approximately Rs 80, 000 crore.

NGEL is a wholly-owned subsidiary of NTPC and aims to be the flag bearer of NTPC's renewable energy journey with an operational capacity of over 3.4 GW and 26 GW in pipeline including 7 GW under implementation.

The MoU was exchanged between Mohit Bhargava, Chief Executive Officer, NGEL and Narayan Karad, Deputy Secretary (Energy), Maharashtra in the presence of the Chief Minister, Deputy CM and other senior officials.

/IANS