NTPC green energy, MAHAPREIT to develop 10 GW renewable projects

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, has entered into a Joint Venture Agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) to develop 10 GW of renewable energy parks and projects in Maharashtra and other states. This marks a significant step in India’s push towards green energy and decarbonization.

The agreement was signed on September 25, 2024, in Mumbai, by NGEL CEO Rajiv Gupta and MAHAPREIT Managing Director Bipin Shrimali, in the presence of senior officials from both organizations.

Major renewable energy push in Maharashtra

The joint venture aims to help NTPC achieve 60 GW of renewable energy capacity by FY32. The collaboration will focus on setting up renewable energy parks in Maharashtra, with potential expansion into other states. This move aligns with India’s goals to increase the share of renewable energy and reduce carbon emissions.

"The JV company will develop 10 GW of renewable energy parks and projects in Maharashtra or any other Indian state," NGEL said in a statement.

To accelerate growth in the renewable sector, NGEL has filed draft papers with the Securities and Exchange Board of India (SEBI) for a Rs 10,000 crore initial public offering (IPO). The IPO is expected to launch in early November 2024 and will consist of a fresh issue of equity shares without an offer-for-sale component.

The company plans to use Rs 7,500 crore from the IPO proceeds to repay or prepay part of the outstanding loans of its subsidiary, NTPC Renewable Energy Limited (NREL). The remaining funds will be allocated towards general corporate purposes, helping NGEL expand its renewable energy portfolio.

NTPC will conduct roadshows in Mumbai, London, the US, and Singapore to attract potential investors.

Strategic joint ventures for future growth

This JVA with MAHAPREIT is the latest in a series of strategic partnerships NGEL has entered into recently. Earlier in September, NGEL signed a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited to develop 25 GW of renewable energy and green hydrogen projects in Rajasthan. The joint venture will also focus on producing 1 million metric tonnes per annum (MMTPA) of green hydrogen and its derivatives.

NGEL awarded a 1,166 MW wind energy project to Suzlon Group in the same month. The order includes the supply and installation of 370 wind turbine generators in Gujarat, cementing NGEL’s commitment to renewable energy expansion.

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