NTPC Green Energy Ltd (NGEL), which is preparing for a public listing, has entered into a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (Mahapreit) to develop renewable energy parks and projects with a cumulative capacity of 10 GW across Maharashtra and other states.
In a statement, the NTPC subsidiary announced that both companies signed a joint venture (JV) agreement on Wednesday. The agreement was signed by Rajiv Gupta, chief executive, NGEL, and Bipin Shrimali, managing director, Mahapreit, in Mumbai.
“The JV company will undertake development of 10 GW of renewable energy parks and projects in Maharashtra or in any other state of India,” the statement added.
This development comes shortly after NGEL filed its draft red herring prospectus (DRHP) for a ₹10,000 crore initial public offering (IPO). The public offering is expected to launch in the first week of November, with roadshows planned in key markets like Mumbai, London, the US, and Singapore.
As per the DRHP, NGEL’s installed solar capacity stood at 3,071 MW as of 31 August, while its wind power generation capacity was 100 MW.
The IPO aims to fund the company’s ambitious expansion, with a target of reaching over 60 GW capacity by 2030. This aligns with the government’s broader goal of achieving 500 GW of non-fossil energy capacity by the end of the decade.
“As part of our strategy, we intend to expand our renewable energy business,” NGEL noted in its DRHP.
The company also intends to increase its power generation capacity by completing ongoing solar and wind projects and exploring growth opportunities with both public sector units (PSUs) and private corporations.
“We regularly evaluate potential opportunities to acquire renewable energy assets,” the company added.
Mahatma Phule Renewable Energy and Infrastructure Technology Ltd, a subsidiary of the Maharashtra government’s Mahatma Phule Backward Class Development Corporation (MPBCDC), is involved in generating, trading, operating, leasing, and renting renewable power projects.
