IPO bound NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd has entered into a Joint Venture Agreement (JVA) with Maharashtra’s state-run Mahatma Phule Renewable Energy and Infrastructure Technology Ltd to undertake development of renewable energy parks in the country.
The new JV will develop 10 gigawatt (GW) of renewable energy parks and projects in Maharashtra or in any other state of the country, the company said.
NGEL has recently filed a draft red herring prospectus (DRHP) with SEBI to launch Rs 10,000 crore initial public offering (IPO) which is expected in the early days of November. The public issue will be a fresh issue of equity shares and existing promoter entities will not sell any stake.
In the DRHP, the company said that it is one of the frontrunners in the development of Round-the-Clock (RTC) renewable energy projects in the country and is developing 2.7 GW of RTC RE capacities, including one of the world’s largest RTC RE projects of 1.3 GW.
NTPC Group plans to have an operational renewable energy capacity of 60 GW by 2032. To achieve the same, it has targeted 3 GW of RE capacity in the current financial year 2024-25. The company further plans to add 5 GW of RE capacity in FY26 and add another 8 GW in FY27.
In the next three years, NTPC is targeting to add 22.5 GW cumulative installed power capacity including nuclear energy, pump storage plants, thermal, and renewable power.
Earlier this month, the company had also signed another joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited, the state-owned power generation company managing thermal and hydroelectric stations in Rajasthan, in order to realize the green energy and green hydrogen objectives of NTPC.
The JV company will undertake development of 25 GW of renewable energy projects and 1 million tonnes per annum of green hydrogen and derivatives in the state of Rajasthan.