NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd, has taken a significant step towards expanding its renewable energy footprint by signing a Joint Venture Agreement (JVA) with Maharashtra’s state-run Mahatma Phule Renewable Energy and Infrastructure Technology Ltd.
This collaboration is aimed at establishing large-scale renewable energy parks across the country, with an ambitious target of developing 10 gigawatts (GW) of renewable energy projects, particularly in Maharashtra, though it could extend to other states as well.
This joint venture marks a crucial milestone for NGEL, which has been making rapid strides in India’s renewable energy landscape. The planned 10 GW of capacity aligns with the country’s broader efforts to transition to cleaner energy sources and reduce its carbon footprint.
In addition to this new venture, NGEL is gearing up for a significant financial move. The company has recently submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an upcoming Initial Public Offering (IPO), which is expected to raise ₹10,000 crore.
This IPO, projected to be launched in early November, will be a fresh issuance of equity shares, with the existing promoter entities retaining their stake. According to the DRHP, NGEL is one of the leading players in the development of Round-the-Clock (RTC) renewable energy projects.
It is actively working on 2.7 GW of RTC renewable energy capacities, including one of the largest such projects in the world—a 1.3 GW RTC renewable energy initiative. Looking ahead, NTPC Group, which is NGEL’s parent company, has set an ambitious goal of achieving 60 GW of operational renewable energy capacity by 2032.
As part of this vision, NGEL is aiming to add 3 GW of renewable energy capacity during the financial year 2024-25, with plans to further increase this by 5 GW in FY 2026 and an additional 8 GW in FY 2027. In total, over the next three years, NTPC targets a cumulative installed power capacity addition of 22.5 GW, spanning nuclear energy, pump storage plants, thermal power, and renewable energy projects.
Earlier in the month, NGEL signed another strategic joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited, the state-owned entity responsible for thermal and hydroelectric power generation in Rajasthan. This joint venture aims to develop 25 GW of renewable energy projects and produce 1 million tonnes per annum of green hydrogen and related derivatives in the state.
Furthermore, NGEL is also collaborating with Maharashtra State Power Generation Company Limited (MAHAGENCO) in a joint venture to develop renewable energy parks on a gigawatt scale. These parks and related projects will be rolled out in a phased manner, underscoring NGEL’s commitment to scaling up clean energy infrastructure across India.
NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd, is a pioneering entity in India’s renewable energy sector. Established with the vision of spearheading NTPC Group’s green energy initiatives, NGEL is dedicated to the development, management, and expansion of renewable energy projects across the country.
The company is at the forefront of innovative energy solutions, with a strong focus on Round-the-Clock (RTC) renewable energy projects, which ensure continuous power supply through the integration of renewable sources like solar and wind with battery storage.
NGEL plays a pivotal role in NTPC’s long-term vision to transition from conventional thermal power generation to cleaner, sustainable energy solutions. With a robust portfolio of renewable energy projects, the company is contributing significantly to India’s renewable energy targets, with plans to further enhance its capacity in the coming years.
