NTPC Green Energy, MAHAPREIT to develop renewable energy projects in India

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of Indian state-owned power company NTPC Ltd, has signed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), NTPC announced on September 26.

The joint venture aims to develop 10 GW of renewable energy parks and projects in Maharashtra and potentially other Indian states.

The agreement was signed by NGEL CEO Rajiv Gupta and MAHAPREIT MD Bipin Shrimali in Mumbai, alongside senior officials from both organisations.

Last week, NGEL submitted a draft red herring prospectus for its planned INR100bn ($1.2bn) initial public offering (IPO). The IPO, which will consist of a fresh issue of equity shares valued at INR10 each, will reserve portions for eligible NTPC shareholders and employees, in accordance with regulations set by the Securities and Exchange Board of India.

This IPO is expected to be one of the largest by an Indian state-owned entity in recent years.