+
NGEL-NREDCAP Pact for Energy Push
POWER & RENEWABLE ENERGY

NGEL-NREDCAP Pact for Energy Push

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC, has entered a joint venture with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to propel renewable energy projects in the state. The agreement involves developing 25 GW of renewable energy, producing 0.5 million metric tonne per annum (MMTPA) of green hydrogen and derivatives, and establishing 10 GW of pumped storage projects (PSPs). This collaboration is projected to attract Rs 2 lakh crore in investment and create significant employment opportunities in Andhra Pradesh.

Aligned with NTPC’s strategic goals to expand renewable energy capacity, this initiative aims to bolster Andhra Pradesh’s clean energy infrastructure, a key driver for India’s energy transition and long-term sustainable development.

In parallel, NGEL has partnered with Oil and Natural Gas Corporation (ONGC) to explore offshore wind energy. This joint venture focuses on tapping offshore wind potential while evaluating opportunities to acquire existing renewable energy assets. These initiatives mark pivotal milestones in India’s renewable energy expansion strategy, aligning with national and global transition goals.

IPO Progress To finance its ambitious projects, NGEL launched a Rs 10,000 crore Initial Public Offering (IPO). The offering, priced between Rs 102 and Rs108 per share, achieved 33% subscription on its first day, with retail investors oversubscribing by 1.33 times. The IPO closes on November 22, positioning NGEL to scale up its target of achieving 60 GW renewable energy capacity by FY32.

Renewable Energy Goals NGEL’s focus on green hydrogen and offshore wind energy enhances India’s decarbonization goals, addressing industrial and transport sector needs. The PSPs will stabilize intermittent renewable energy sources like solar and wind, improving grid reliability.

The partnership with NREDCAP and ongoing collaborations underline NGEL’s strategy to leverage public and private investments, accelerating project execution. These efforts contribute toward India’s goal of achieving 500 GW non-fossil fuel capacity by 2030, supporting the nation’s rising energy demands while significantly reducing carbon emissions.

This agreement reinforces India’s leadership in renewable energy, emphasizing innovation, sustainability, and economic growth through green initiatives.

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC, has entered a joint venture with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to propel renewable energy projects in the state. The agreement involves developing 25 GW of renewable energy, producing 0.5 million metric tonne per annum (MMTPA) of green hydrogen and derivatives, and establishing 10 GW of pumped storage projects (PSPs). This collaboration is projected to attract Rs 2 lakh crore in investment and create significant employment opportunities in Andhra Pradesh. Aligned with NTPC’s strategic goals to expand renewable energy capacity, this initiative aims to bolster Andhra Pradesh’s clean energy infrastructure, a key driver for India’s energy transition and long-term sustainable development. In parallel, NGEL has partnered with Oil and Natural Gas Corporation (ONGC) to explore offshore wind energy. This joint venture focuses on tapping offshore wind potential while evaluating opportunities to acquire existing renewable energy assets. These initiatives mark pivotal milestones in India’s renewable energy expansion strategy, aligning with national and global transition goals. IPO Progress To finance its ambitious projects, NGEL launched a Rs 10,000 crore Initial Public Offering (IPO). The offering, priced between Rs 102 and Rs108 per share, achieved 33% subscription on its first day, with retail investors oversubscribing by 1.33 times. The IPO closes on November 22, positioning NGEL to scale up its target of achieving 60 GW renewable energy capacity by FY32. Renewable Energy Goals NGEL’s focus on green hydrogen and offshore wind energy enhances India’s decarbonization goals, addressing industrial and transport sector needs. The PSPs will stabilize intermittent renewable energy sources like solar and wind, improving grid reliability. The partnership with NREDCAP and ongoing collaborations underline NGEL’s strategy to leverage public and private investments, accelerating project execution. These efforts contribute toward India’s goal of achieving 500 GW non-fossil fuel capacity by 2030, supporting the nation’s rising energy demands while significantly reducing carbon emissions. This agreement reinforces India’s leadership in renewable energy, emphasizing innovation, sustainability, and economic growth through green initiatives.

Next Story
Infrastructure Transport

NHAI Extends Six-Laning of NH-65 to Vijayawada West Bypass

Along the Vijayawada–Hyderabad corridor, the National Highways Authority of India (NHAI) has revised its earlier plans and agreed to extend the six-laning project on NH-65 up to the Vijayawada West Bypass near Gollapudi, according to the Times of India.Previously, the project was set to conclude at the Amaravati Outer Ring Road (ORR) alignment.This change was confirmed in a letter from the Union Minister for Road Transport and Highways, Nitin Gadkari, addressed to Vijayawada MP Kesineni Sivanath (Chinni).The minister noted that the six-laning will now cover the stretch from KM 40 near the Hy..

Next Story
Infrastructure Transport

Lucknow To Widen Key Road Stretch For Green Corridor Access

The Lucknow Development Authority (LDA) plans to widen the narrow 1.5-kilometre stretch between Harinagar Cattle Colony in Balaganj and Gaughat into a two-lane road by the end of October. This upgrade aims to ease traffic flow and improve access to Phase I of the Green Corridor, which currently extends from IIM Road to Pakka Pul.According to LDA official AK Senger, who heads the Project Implementation Unit (PIU) for the Green Corridor, this stretch is crucial to the corridor’s overall connectivity plan.“Earth levelling is underway, and land along the proposed embankment alignment is being ..

Next Story
Infrastructure Transport

NHAI to Upgrade Thanjavur-Pudukottai Highway in Tamil Nadu

The National Highways Authority of India (NHAI) is preparing to upgrade the national highway stretch linking Thanjavur and Pudukottai via Gandarvakottai in Tamil Nadu.The project, valued at Rs 450 million, has been awarded and construction activity is expected to commence shortly.This initiative will be carried out under a performance-based maintenance contract—the first of its kind in the state—where the contractor will not only execute the work but also maintain the 55-kilometre stretch for five years.According to a senior NHAI official quoted in The Hindu, preliminary works have already..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?