NTPC Green Energy Partners with MAHAPREIT for 10 GW Renewable Energy Project

27 Sep 2024 , 04:15 PM

NTPC Ltd announced a Joint Venture Agreement (JVA) between its wholly-owned subsidiary, NTPC Green Energy Ltd (NGEL), and Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (MAHAPREIT) on September 25, 2024.

The agreement was formalized in Mumbai, with key executives Rajiv Gupta (NGEL CEO) and Bipin Shrimali (MAHAPREIT Managing Director) present.

The newly formed joint venture aims to develop 10 GW of renewable energy parks and projects, primarily in Maharashtra, with potential expansion to other Indian states.

This collaboration reinforces NTPC’s commitment to enhancing its renewable energy portfolio, aligning with India’s sustainable energy goals.

NTPC Green Energy is set to launch its initial public offering (IPO) in early November 2024, with plans for promotional roadshows in locations such as Mumbai, London, the US, and Singapore.

The company has filed preliminary IPO papers with SEBI, seeking to raise ₹10,000 crore through a fresh issuance of equity shares, with no offer-for-sale component included.

Out of the total proceeds, ₹7,500 crore will be allocated to repay or prepay loans of its subsidiary, NTPC Renewable Energy Ltd (NREL), while the remaining funds will be directed toward general corporate purposes.