MARKETS
Shares surge on JV formation NTPC Green Energy shares climbed 3.6 per cent to an intraday high of Rs 133.05 on Monday after the company announced forming a joint venture (JV) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL). The new entity, named NTPC UP Green Energy Limited, was incorporated on January 1, 2025, with NTPC Green holding a 51 per cent stake and UPRVUNL holding the remaining 49 per cent. NTPC Green has subscribed to 51,000 equity shares at a face value of Rs 10 each. The JV aims to develop, operate, and maintain renewable energy parks and projects, strengthening NTPC’s footprint in India’s clean energy sector. 1,000 MW solar project secured In a separate announcement, NTPC Renewable Energy Ltd., a subsidiary of NTPC Green, won a 1,000 MW solar power project through an e-reverse auction conducted by Uttar Pradesh Power Corporation Ltd. (UPPCL) on January 3, 2025. The project was secured at a tariff of Rs 2.56 per kWh. The auction aimed to select developers for 2,000 MW of ISTS-connected solar PV projects through tariff-based competitive bidding. The company is awaiting the letter of award from UPPCL to finalize the project, which marks another significant milestone in NTPC’s renewable energy expansion. NTPC’s renewable leadership As of September 2024, NTPC Green Energy is India’s largest public sector renewable energy enterprise (excluding hydro), based on its operating capacity and power generation. The company continues to expand its portfolio aggressively to align with the government’s renewable energy goals. Stock performance Despite Monday’s surge, NTPC Green’s shares have declined by 2 per cent over the last five sessions and dropped 11 per cent in the past month. However, the recent developments could improve investor sentiment, given the focus on renewable energy growth. Outlook The formation of the JV and the 1,000 MW project win underscore NTPC’s commitment to renewable energy. These strategic moves are expected to drive long-term growth and help the company solidify its leadership in the clean energy sector. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
What’s New
Spotlight
Advertisement
Featured News
Latest From This Week
Popular News
