NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, has signed a joint venture agreement with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to develop 25 GW of renewable energy projects, 0.5 million metric tonnes per annum (MMTPA) of green hydrogen and derivatives, and 10 GW of pumped storage projects (PSPs).
This partnership is expected to bring ₹2 lakh crore in investment to Andhra Pradesh and create substantial employment opportunities in the state.
The agreement aligns with NTPC's strategic focus on scaling renewable energycapacity to meet India's energy transition goals. NGEL’s initiatives are aimed at boosting the state’s clean energy infrastructure, which is critical for long term sustainable development.
Earlier, NGEL has also partnered with Oil and Natural Gas Corporation (ONGC) to develop offshore wind projects. This joint venture will focus on harnessing offshore wind potential while simultaneously exploring opportunities to acquire existing renewable energy assets to strengthen its portfolio.
The projects mark significant milestones in India’s renewable energy expansion strategy, as they contribute toward achieving national and global energy transiton targets.
NGEL’s ₹10,000 crore initial public offering (IPO), launched to support its renewable energy initiatives, witnessed 33% subscription on its first day of bidding, according to data from the stock exchanges.
Retail investors led the demand, oversubscribing their allocation by 1.33 times while non-institutional investors subscribed to 16% of the shares offered.