NTPC Green Energy enters into JV for renewable energy parks, shares rallied above 2.4%

NTPC Green Energy Limited, a subsidiary of NTPC Ltd, under the Ministry of Power, has partnered with Maharashtra State Power Generation Company (MAHAGENCO) to form a 50:50 joint venture company. The announcement comes just a day before NTPC Green Energy's shares debut on the stock exchanges.

The joint venture, MAHAGENCO NTPC Green Energy Private Limited (MNGEPL), will focus on developing, operating, and maintaining renewable energy parks across Maharashtra. These parks, part of the Ultra Mega Renewable Energy Power Parks (UMREPP) program, aim to attract investments by providing infrastructure and land for renewable energy projects.

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The JV has an authorized capital of Rs 10 lakh, with NTPC Green Energy and MAHAGENCO subscribing equally to its shares.

The objects of forming a Joint Venture Company are to develop, operate, and maintain a Renewable Energy Park(s) in Maharashtra under UMREPP and allot the Park(s) for the development of Renewable Energy Projects (s).

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