Power Stock in focus: NTPC to invest Rs 2 lakh crore in renewable energy projects of MP state
The projects include solar, wind, and pumped hydro storage, aiming to bolster India's energy transition and Net Zero targets.
Power Stock in focus: NTPC to invest Rs 2 lakh crore in renewable energy projects of MP state
The Madhya Pradesh government and the state-run NTPC have inked several memorandums of understanding (MoUs) for investments totaling more than Rs 2 lakh crore in renewable energy projects, the company announced. The projects include solar, wind, and pumped hydro storage, aiming to bolster India's energy transition and Net Zero targets.
The first MoU was signed between NTPC Green Energy (NGEL) and Madhya Pradesh Power Generating Company (MPPGCL) to set up renewable energy projects of up to 20 GW or more in the state, with an approximate investment of Rs 1,20,000 crore.
Due to this, a Joint Venture Company (JVC) has been established to help mitigate the Madhya Pradesh Generating Company's Renewable Generation Obligation (RGO) and the Madhya Pradesh DISCOMs' Renewable Purchase Obligation (RPO).
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The second MoU was signed between NTPC and the Government of Madhya Pradesh for other sustainable non-fossil fuel power plants, with an estimated investment of Rs 80,000 crore.
Madhya Pradesh Power Management Company (MPPMCL) signed this MoU on behalf of the state government. An agreement was also signed with the intent to invest approximately Rs 4,000 crore in setting up an 800-megawatt (MW) pumped hydroelectric storage project in the state.
Shares of NTPC declined 1.16% to Rs 316.40 on the BSE.
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