NTPC Green Energy Partners with NREDCAP for INR 2 Lakh Cr RE Projects in Andhra Pradesh
NTPC Green Energy Ltd. (NGEL) has signed a JV agreement with New and Renewable Energy Development Corporation of AP Ltd (NREDCAP) to develop renewable projects worth INR 2 lakh crore in Andhra Pradesh, focusing on 25 GW solar/wind, 10 GW pumped storage, and 0.5 MMTPA green hydrogen.
November 22, 2024. By Mrinmoy Dey
The JV entity will focus on developing 25 GW of solar/wind projects, 10 GW of pumped storage, and 0.5 MMTPA of green hydrogen.
“The new ICE Policy 2024 continues to attract investments and pave the way for Andhra Pradesh to emerge as a clean energy hub. Today, NTPC Green Energy Ltd. signed a Joint Venture with NREDCAP to set up RE projects worth INR 2,00,000 Cr in Andhra Pradesh. This historic project will create over one lakh jobs and position our state as a renewable energy leader at the forefront of India's green energy revolution,” stated Andhra Pradesh Chief Minister N. Chandrababu Naidu on X.
Earlier, NTPC Green Energy formed a 50:50 joint venture with ONGC Green Ltd. to develop renewable energy projects, including offshore wind, storage, and ESG-compliant initiatives.
NGEL’s renewable energy portfolio encompasses solar and wind power assets with presence across multiple locations in more than six states which helps the company mitigate the risk of location-specific generation variability. And, with these new initiatives, the company is foraying into new areas diversifying its portfolio to include green hydrogen, pumped hydro storage etc.
NGEL’s 10,000 crore IPO is open for subscription and is set to close on November 22, 2024. The company has set a price band of INR 102-108 per share. As of November 21, 2024, 6:00 PM, the qualified institutional investors portion has been subscribed by 0.75 times while the non-institutional investors have subscribed by 0.34 times. Retail investors are leading the demand oversubscribing their allocation by 2.38 times.
According to the RHP, the company’s operational capacity was 3,071 MW of solar projects and 100 MW of wind projects across six states as of August 31, 2024. Further, the NTPC group intends to reach 60 GW of renewable energy capacity by 2032. It has an installed capacity of 3.5 GW and over 28 GW in progress.
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