NTPC green energy partners with MAHAPREIT for 10 GW renewable energy projects ahead of IPO

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Ltd, has entered a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT) to develop 10 GW of renewable energy parks across India, including Maharashtra. This initiative aligns with NGEL’s strategy as it gears up for a much-anticipated Rs 10,000-crore Initial Public Offering (IPO), which could become one of India’s largest IPOs in 2024.

According to the joint venture agreement, the new company will focus on developing renewable energy projects not only in Maharashtra but also in other states across India. The agreement was signed on September 26 by Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, Managing Director of MAHAPREIT, in Mumbai.

Earlier this month, NTPC Green Energy filed a draft red herring prospectus (DRHP) with SEBI for the IPO, which will be an entirely fresh issue of equity shares. The IPO includes a special quota for NTPC Ltd shareholders, allowing investors who hold shares as of the filing date to participate in up to 10% of the offering.

As the JV prepares to develop 10 GW of renewable energy capacity, NGEL’s IPO is attracting significant attention from the market, positioning itself as a major player in India’s renewable energy landscape.

NGEL was established by NTPC, India’s largest power utility, to focus exclusively on renewable energy projects. As part of NTPC’s long-term vision to reduce its carbon footprint and shift towards sustainable power generation, NGEL is tasked with accelerating the adoption of clean energy technologies, including solar, wind, and hybrid energy projects. NTPC has set an ambitious goal of achieving 60 GW of renewable energy capacity by 2032, and NGEL is central to this strategy. Currently, NTPC’s total installed renewable energy capacity stands at around 2.3 GW, but with NGEL leading the charge, the company aims to rapidly scale this capacity over the next decade.

NTPC Green Energy Limited is poised to play a pivotal role in India’s renewable energy future. With ambitious projects, innovative technologies, and a landmark IPO on the horizon, NGEL is set to drive the country’s transition to a cleaner and greener energy landscape. As India strives to meet its climate goals, NTPC Green Energy stands at the forefront, ready to power the nation with sustainable solutions.