NTPC Green Energy forms joint venture with Mahatma Phule Renewable Energy
01 Oct 2024
NTPC Green Energy Ltd (NGEL), the wholly-owned subsidiary of state-owned power major NTPC Ltd, has formed a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology (Mahapreit) for developing renewable energy projects.
The joint venture agreement is for developing 10 GW of renewable energy parks and projects in Maharashtra and other states in India, according to a release issued by NTPC on Thursday.
Mahapreit is a wholly-owned subsidiary of Mahatma Phule Backward Class Development Corporation (MPBCDC), set up by the Maharashtra government for undertaking renewable energy projects as also trading, leasing and renting of renewable energy.
The board of directors of NTPC Green Energy last week also approved investment Rs9,790.87 crore Sipat Super Thermal Power Project, Stage-III (1X800 MW). Esides, the board gave approval to the Rs11,130.98 crore Stage-II of the project.
NTPC on Tuesday announced the signing of a memorandum of understanding between NTPC Green Energy and the Rajasthan government for a 25 gigawatt (GW) renewable energy project.
NTPC Limited also announced the commissioning of stage 1 of 50 MW capacity of the 220 MW Shajapur Solar Project of NTPC Renewable Energy Limited (NTPC REL) and the 98.78 MW Stage 2 of the 300 MW Shambu ki Burj-2 Solar PV Project of NTPC Green Energy Limited (NGEL).
The commissioning of these two projects takes NTPC Group’s total installed and commercial capacity to 76,442.78 MW.
The NTPC group aims to achieve 60 GW of renewable energy capacity by 2032. It currently has 3.5 GW of installed RE capacity and over 28 GW under pipeline.
NTPC Green Energy was incorporated in April 2022 as specialised entity to manage NTPC's renewable energy portfolio.
NGEL has created 3.34 GW of installed capacity, comprising 3.13 GW of solar and 0.21 GW of wind energy. Besides, it has a pipeline of 10.8 GW of renewable energy projects, of which 5.9 GW projects are under construction.
NTPC Green Energy reported net profit of Rs344.7 crore and revenues of Rs1962.6 crore. NGEL reported net profit of Rs138.6 crore and revenues of Rs578.4 crore in Q1 of the current fiscal.
The company is planning to expand business into emerging areas like green hydrogen, green ammonia as also energy storage systems.
NTPC Green Energy Ltd has filed a draft red herring prospectus (DRHP) for an initial public offer (IPO) for raising Rs10,000 crore. The IPO, an entirely fresh issue of equity shares, will be used to repay debt and for general corporate purposes, according to the prospectus.
