Green Energy Company Joint Ventures to Transform India’s Renewable Energy Sector with Massive Solar Order Win of 1,000 MW
The company’s shares were listed at a 3.24 per cent premium over the IPO price, and they jumped 16 per cent after listing.
NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) have formed a joint venture named NTPC UP Green Energy Limited. The new entity was incorporated on January 1, 2025, with a 51:49 shareholding structure, where NGEL holds 51 per cent equity, and UPRVUNL holds 49 per cent.
The objective of NTPC UP Green Energy Limited is to develop, operate, and maintain renewable energy parks and projects, contributing to the renewable energy sector in India. The certificate of incorporation, issued by the Registrar of Companies, was received on January 4, 2025.
Key approvals for the formation of the joint venture were granted by the Ministry of Power (MOP), Government of India, which forwarded clearances from DIPAM and NITI Aayog on February 22, 2024.
NGEL has subscribed to 51,000 equity shares at a face value of ₹10 each, ensuring its 51 per cent control in the company.
Recently, NTPC Renewable Energy Limited (NTPC REL), a wholly owned subsidiary of NTPC Green Energy Limited (NGEL), has emerged as a successful bidder in the e-reverse auction conducted by Uttar Pradesh Power Corporation Limited (UPPCL). The tender, aimed at the "Selection of Solar Power Developers for Setting up 2000 MW ISTS-connected Solar PV Power Projects in India under Tariff-Based Competitive Bidding," conducted on 3rd January 2025. NTPC REL secured a capacity of 1000 MW at an impressive tariff of Rs. 2.56/kWh. The Letter of Award (LOA) from UPPCL is awaited.
Incorporated in April 2022, NTPC Green Energy is a renewable energy company that focuses on undertaking projects through organic and inorganic routes.
The company has a market capitalisation of Rs 1,09,374 crore. Shares of NTPC Green Energy Ltd are trading at Rs 129.85 per share while it has recorded a 52-week high of Rs 155.30 and 52-week low of Rs 111.60.
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Disclaimer: The article is for informational purposes only and not investment advice.