NTPC Green Energy Limited has forged a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to develop 10 gigawatts (GW) of renewable energy projects. This initiative will see the creation of renewable energy parks across Maharashtra and potentially other states in India, according to a company statement from its parent organization.
The joint venture agreement was signed by Rajiv Gupta, CEO of NTPC Green Energy, and Bipin Shrimali, Managing Director of MAHAPREIT, in Mumbai on Thursday. As the company gears up for its Rs 10,000 crore initial public offering (IPO), the draft red herring prospectus (DRHP) has been filed with the Securities and Exchange Board of India (SEBI).
The IPO, consisting entirely of a fresh issue, outlines plans to use proceeds for investment in it’s subsidiary, NTPC Renewable Energy Limited (NREL), for repaying or prepaying certain outstanding loans, as well as for general corporate purposes. According to the DRHP, the allocation for general corporate purposes will not exceed 25% of the funds raised.
Established on October 7, 2020, NTPC Renewable Energy Ltd was created to boost it’s renewable energy efforts and expand its green footprint across India and globally. India’s energy transition goals, highlighted by its commitment at the 2021 COP26 summit, include achieving 500 GW of non-fossil electricity capacity and reducing carbon emissions by 1 billion tonnes by 2030. India’s broader aim is to achieve net-zero emissions by 2070, with renewable energy playing a pivotal role in reducing reliance on fossil fuels.
NTPC Green Energy Limited (NGEL) is a subsidiary of NTPC Limited, focused on driving India’s transition to cleaner energy through the development of renewable energy projects. Established to lead NTPC’s initiatives in solar, wind, and green hydrogen, NGEL aims to significantly expand its portfolio of sustainable energy solutions. As part of India’s larger commitment to reduce carbon emissions and enhance energy security, NTPC Green Energy is playing a pivotal role by advancing solar parks, wind farms, and energy storage projects. The company is dedicated to meeting the growing demand for green energy, supporting the nation’s vision of a cleaner, greener future.
