NTPC Green Energy inks pact with Indus Towers for RE projects

19 Apr 2024 , 02:28 PM

NTPC Green Energy Ltd (NGEL), a subsidiary of state-owned power company NTPC, said on Friday that it has inked an initial agreement with Indus Towers Ltd to fulfil the need for pace green energy ambitions and the Government of India’s efforts to achieve a carbon-neutral economy.

According to a corporate release, the MoU (Memorandum of Understanding) would look into the combined development of grid-connected renewable energy-based power projects such as solar, wind, and energy storage, as well as related solutions.

As part of its net zero promises, Indus Towers Ltd (ITL) plans to gradually increase its renewable energy portfolio to Giga Watt (GW) scale capacity for its commercial operations across the country.

On Thursday, Soumya Kanti Chowdhuri, NGEL’s Chief General Manager, and Vikas Poddar, ITL’s Chief Financial Officer (CFO), signed the MoU in the presence of other top NTPC and ITL officials.

NTPC is India’s largest power utility, focused on electricity generation with a total installed capacity of 76 GW. It has ambitious ambitions to build 60 GW of RE (Renewable Energy) capacity by 2032, with 3.5 GW now constructed and 28+ GW in the pipeline.

ITL, India’s major passive telecom infrastructure provider, operates, owns, and manages more than 211,775 telecom towers and communication structures. With a presence in all 22 telecom circles, Indus Towers serves wireless communications service providers across India.

At around 2.02 PM, NTPC was trading 0.11% higher at ₹351.55, against the previous close of ₹351.15 on NSE. The counter touched an intraday high and low of ₹352.20, and ₹343, respectively.

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