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.