NTPC Group Inks Deals Of Over Rs 2 Lakh Crore With Madhya Pradesh Government
The agreements cover renewable power projects based on solar, wind, pump hydro and other carbon neutral energy sources.
NTPC Ltd., along with its subsidiary NTPC Green Energy Ltd., signed various memorandum of understandings with the Madhya Pradesh government at the ongoing two-day Global Investors' Summit that began in Bhopal on Monday.
The agreements cover renewable power projects based on solar, wind, pump hydro and other carbon neutral energy sources in the state of Madhya Pradesh, according to the company's press release.
The MoU between NGEL and Madhya Pradesh Power Generating Co. entails setting up renewable energy projects up to 20 gigawatts or more in the state, at an approximate investment of Rs 1.2 lakh crore.
For this, they will form a joint venture company, which will help in mitigating the Renewable Generation Obligation of Madhya Pradesh Power Generating Co. "as well as renewable purchase obligation of Madhya Pradesh DISCOMs", as per the release.
Meanwhile, the MoU between NTPC and the state government will involve the company setting up sustainable non-fossil fuel power plants at an investment of about Rs 80,000 crore. Madhya Pradesh Power Management Co. signed this pact on behalf of the state government.
The central public sector enterprise has also signed another agreement with the Madhya Pradesh government in which it has given an intent to invest approximately Rs 4,000 crore for setting up 800-megawatt pumped hydro storage project in the state.
The MoUs were signed in the presence of Chief Minister Mohan Yadav and NTPC Chairman and Managing Director Gurdeep Singh,. along with other senior officials of the state government and the CPSE.
According to the company, the MoUs will play a significant role in promoting sustainable energy solutions while strengthening the Union government's efforts towards energy transition and net zero targets.
Shares of NTPC closed 1.79% lower at Rs 320.1 apiece on the BSE, while that of renewable energy subsidiary NTPC Green Energy ended 6.77% down at Rs 98.45 apiece. In comparison, there was a 1.14% decline in the benchmark Sensex.
