New Delhi: NTPC Green Energy Ltd (NGEL) said on Tuesday that it has signed an MoU with the Maharashtra government to develop green hydrogen projects and its derivatives in Maharashtra. The memorandum of understanding (MoU) has been signed as a part of Green Investment Plan of the state government in the next five years and envisages a potential investment of Rs 80,000 crore, NGEL said in a statement.

"NGEL has signed an MoU with Government of Maharashtra for development of green hydrogen and derivatives (green ammonia, green methanol) of up to 1 million tonne capacity per annum, including pump hydro projects of 2 GW and development of RE projects with or without storage up to 5 GW in the state," it said.

The MoU was exchanged between Mohit Bhargava, Chief Executive Officer, NGEL and Narayan Karad, Deputy Secretary (Energy), Maharashtra government in the presence of state chief minister, deputy CM and other senior officials in Mumbai on Monday, the company said.

NGEL is a wholly-owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in pipeline, including 7 GW under implementation.