NTPC Green Energy Ltd. has signed an agreement to set up renewable energy projects worth Rs 2 lakh crore in Andhra Pradesh, state Chief Minister N Chandrababu Naidu said on Friday.
The pact has been inked with the New & Renewable Energy Development Corporation of Andhra Pradesh or NREDCAP—the state-run body in-charge of generate electricity through renewable sources.
"The focus will be on 25 GW solar/wind, 10 GW pumped storage, and 0.5 MMTPA green hydrogen," Naidu posted on social media platform X.
This project will create over one lakh jobs, and position Andhra Pradesh at the forefront of India's green energy revolution, the chief minister added.
The new ICE Policy 2024 continues to attract investments and pave the way for Andhra Pradesh to emerge as a clean energy hub. Today, NTPC Green Energy Ltd. signed a Joint Venture with NREDCAP to set up RE projects worth ₹2,00,000 Cr in Andhra Pradesh. The focus will be on 25 GW… pic.twitter.com/5nznM2DtPo
November 21, 2024AdvertisementThe announcement comes at a time when NTPC Green has launched a Rs 10,000-crore initial public offering with a price band of Rs 102-108 per share. The bidding window was scheduled to close on Friday.
At the time of publishing this report, the IPO was fully subscribed. However, the qualified institutional buyers were yet to fully submit bids for the portion reserved for them.
AdvertisementThe IPO ranks as India's third-largest public offering of the year, following Hyundai Motor India Ltd. and Swiggy Ltd. The company secured Rs 3,960 crore from anchor investors a day before the public issue opened.
(With inputs from PTI)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.