NTPC Green Energy share price rises on commissioning Shajapur Solar Project in Madhya Pradesh

The stock advanced 0.59% to ₹98.09 apiece on the National Stock Exchange (NSE) at 9:19 am.

In an exchange filing, NTPC Green Energy said that it has successfully commissioned the last part capacity of 50 megawatts (MW) of 105 MW Shajapur Solar Project (Unit-1) of the company's subsidiary NTPC Renewable Energy at Shajapur Solar Park.

"The first part capacity of 55 MW has already been declared on commercial operation w.e.f. 00:00 Hrs of 29.11.2024," it said.

On Monday, NTPC Green inked a joint venture agreement with electricity generation company Chhattisgarh State Power Generation Company Ltd (CSPGCL) during the Chhattisgarh Energy Investors Summit held at Raipur.

Under the agreement, the company will develop renewable energy projects in the state comprising of wind, solar or hybird upto 2 GW capacities. It will also identify reservoirs to develop floating solar projects.

"The shareholding pattern of the proposed JVC will be 74% by NTPC Green Energy Ltd and 26% by CSPGCL. The objective of the proposed JVC will be to develop, operate and maintain renewable energy park including UMREPP and Project(s) in the state of Chhattisgarh or any other identified locations comprising Solar/Wind/Hybrid up to 2 GW capacities and identification of reservoirs for Development of Floating Solar Projects," NTPC Green said.

Last month, the company signed a memorandum of understanding (MoU) with Madhya Pradesh Power Generating Company Ltd to develop renewable energy parks.

NTPC Green Energy financials

The company had posted a 52.3% jump in its net profit to ₹89.4 crore in the latest December quarter, compared to ₹58.7 crore in the corresponding period last fiscal.

Revenue from operations increased 4.1% to ₹460.9 crore as against ₹442.6 crore in the year-ago quarter.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 2.3% to ₹384.6 crore in the quarter under review as against ₹393.6 crore in Q3 FY24.