NEW DELHI: NTPC Green Energy Ltd (NGEL), the renewal energy arm of NTPC, has inked an agreement with the Andhra Pradesh govt’s NREDCAP (New & Renewable Energy Development Corporation of Andhra Pradesh) to set up renewable energy projects worth Rs 2 lakh crore, as announced by the Andhra Pradesh chief minister N Chandrababu Naidu
Naidu further added that the deal will focus developing 25 GW solar/wind, 10 GW pumped storage projects (PSPs), and 0.5 MMTPA 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 ₹2,00,000 Cr in Andhra Pradesh. The focus will be on 25 GW Solar/Wind, 10 GW Pumped Storage, and 0.5 MMTPA Green Hydrogen. 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,” Naidu posted on X.
NTPC’s subsidiary has recently launched its Rs 10,000 crore Initial Public Offering (IPO) with a price band of Rs 102-108 per share. The issue has been fully subscribed on the third day of the share sale on Friday, receiving bids for 60,68,16,774 shares, against 59,31,67,575 shares on offer.
The portion for Retail Individual Investors (RIIs) got subscribed 2.70 times. The quota for Qualified Institutional Buyers (QIBs) fetched 75 per cent subscription, while the non-institutional investors part got subscribed 42 per cent.