New Delhi
NTPC Green Energy Limited (NGEL) has partnered with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to develop 10 gigawatts (GW) of renewable energy projects. The joint venture aims to establish renewable energy parks and projects across Maharashtra and other Indian states, according to a statement by NTPC, the parent company of NGEL.
The agreement was signed by Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, MD of MAHAPREIT, in Mumbai. This collaboration aligns with India’s broader commitment to expanding its renewable energy capacity.
In a related development, NGEL is preparing to launch a ₹10,000 crore Initial Public Offering (IPO), as outlined in the draft red herring prospectus (DRHP) submitted to the Securities and Exchange Board of India (SEBI). The funds raised through the IPO will primarily be used to invest in NTPC Renewable Energy Limited (NREL), a wholly-owned subsidiary of NTPC, for repaying or prepaying existing debts, along with general corporate purposes.
NTPC Renewable Energy Ltd, established in October 2020, was formed to accelerate the company’s shift towards green energy. This initiative is part of India’s commitment to achieving 500 GW of non-fossil fuel electricity capacity by 2030 and reaching net-zero emissions by 2070.
