NTPC, MP Ink $24 Billion Deal for 20 GW Green Energy

28 Feb 2025 CW Team

NTPC has signed multiple memorandums of understanding (MoUs) with the Madhya Pradesh government to invest over $24 billion in renewable energy projects, marking a significant step toward India's clean energy transition.

The agreements cover solar, wind, and pumped hydro storage projects aimed at strengthening the state's energy infrastructure while supporting national Net Zero targets.

The first MoU, signed between NTPC Green Energy (NGEL) and Madhya Pradesh Power Generating Company (MPPGCL), will facilitate the development of up to 20 GW of renewable energy capacity. This project, with an investment of approximately $14.4 billion, will help Madhya Pradesh meet its Renewable Generation Obligation (RGO) and Renewable Purchase Obligation (RPO) through a Joint Venture Company (JVC).

A second MoU between NTPC and the Government of Madhya Pradesh, signed via Madhya Pradesh Power Management Company (MPPMCL), will drive further investments of around $9.6 billion into sustainable non-fossil fuel power projects in the state.

Additionally, an agreement was signed to develop an 800 MW pumped hydroelectric storage project with an estimated investment of $480 million.

NTPC, India's largest energy conglomerate, continues to expand its renewable energy footprint. As of December 31, 2024, the Government of India holds a 51.10% stake in the company.

Financially, NTPC reported a 1.8% decline in consolidated net profit to ?50.62 billion in Q3 FY25, compared to ?51.55 billion in the same period last year. However, revenue from operations grew 5.2% YoY to ?450.53 billion.

Following the announcement, NTPC’s stock fell 1.16% to Rs 316.40 on the BSE.

Image Source: Moneycontrol

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