NTPC Green Energy, MAHAPREIT sign JV for 10 GW renewable energy projects in Maharashtra – EQ
In Short : NTPC Green Energy Ltd. (NGEL), a subsidiary of NTPC focused on renewable energy, has signed a joint venture (JV) agreement with Maharashtra’s MAHAPREIT (Maharashtra State Power Generation Company Limited) to develop 10 GW of renewable energy projects in Maharashtra. This collaboration is a major boost for India’s renewable energy sector, particularly in its efforts to accelerate green energy development and reduce carbon emissions.
In Detail : State-owned power giant NTPC Ltd on Thursday (September 26) said its wholly-owned subsidiary NTPC Green Energy Ltd (NGEL) entered into a Joint Venture Agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd.
“NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd, entered into a Joint Venture Agreement (JVA) with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT) on 25th September 2024,” according to a stock exchange filing.
The agreement was signed on September 25, 2024, in Mumbai, by NGEL CEO Rajiv Gupta and MAHAPREIT Managing Director Bipin Shrimali, with senior officials from both companies in attendance.
The newly formed joint venture will focus on the development of 10 GW of renewable energy parks and projects, primarily in Maharashtra, though the scope may extend to other states across India.
“The JV company will undertake the development of 10 GW of Renewable Energy Parks and Projects in Maharashtra or in any other state of India,” it said.
NTPC Green Energy is expected to launch its initial public offering (IPO) in the first week of November this year, sources confirmed to CNBC-TV18. The company plans to conduct roadshows in various locations across India and abroad, including Mumbai, London, the US, Singapore, and other regions, to attract investments.
Last week, the company filed preliminary papers with capital markets regulator SEBI to raise ₹10,000 crore through an IPO. The share sale will consist entirely of a fresh issuance of equity shares, with no offer-for-sale (OFS) component.
The company plans to utilise ₹7,500 crore from the proceeds to repay or prepay part or all of the outstanding loans of its subsidiary, NTPC Renewable Energy Ltd (NREL). The remaining funds will go toward general corporate purposes.
NTPC management is aiming for significant value unlocking through the listing of NTPC Green Energy, sources confirmed to in an earlier report. Shares of NTPC Ltd ended at ₹434.40, down by ₹1.90, or 0.44% on the BSE.
