NTPC Green Energy inks deal with MAHAPREIT for renewable energy push in Maharashtra

The Memorandum of Understanding (MoU) was formalized in the presence of Rajiv Gupta, Chief Executive Officer of NGEL, and Amol Shinde, Chairman and Managing Director of MAHAPREIT, inked the agreement.

The MoU underlines the collaborative effort to jointly develop grid-connected Renewable Energy Parks and Projects, encompassing solar, wind, hybrid, and other related solutions, with a capacity of up to 10 GW in the state of Maharashtra.

NTPC, India's largest Power Utility, focuses primarily on power generation and boasts a total installed capacity exceeding 76 GW.

NTPC Green Energy Limited undertakes projects in renewable energy parks and projects, including ventures in green hydrogen, energy storage technologies and renewable energy power.

With plans to achieve 60 GW of renewable energy capacity by 2032, the NTPC Group currently has 3.5 GW of installed renewable energy capacity and over 28 GW in the pipeline.

Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) operates as a wholly owned subsidiary of the Mahatma Phule Backward Class Development Corporation (MPBCDC), a state public sector undertaking under the Government of Maharashtra.

In the third quarter of FY24, NTPC recorded a robust 10.2% quarter-on-quarter (QoQ) increase in its net consolidated profit. Additionally, the company's net profit witnessed a notable 7% year-on-year (YoY) growth, rising from ₹4,854.36 crore in the previous fiscal year.

Shares of the company have gained over 13% since the beginning of the year. The stock has risen over 100% in the last one year.