NTPC Green Energy signs deal to develop 20GW renewable projects in Madhya Pradesh

NTPC Green Energy Ltd (NGEL), the renewable energy arm of NTPC, on Monday (February 24) said it signed a Memorandum of Understanding (MoU) with Madhya Pradesh Power Generating Company Ltd (MPPGCL) at the Global Investors Summit in Bhopal to develop renewable energy parks and projects in the state.The MoU aims to establish solar, wind, and hybrid renewable projects with or without storage, with a targeted capacity of up to 20 W or more in Madhya Pradesh. It also facilitates the formation of a joint venture company (JVC) to support the Renewable Generation Obligation (RGO) of MPPGCL and the Renewable Purchase Obligation (RPO) of the state’s power distribution companies.

The agreement was exchanged in the presence of Madhya Pradesh Chief Minister Mohan Yadav, NTPC CMD Gurdeep Singh, Additional Chief Secretary (Energy) Neeraj Mandloi (IAS), and other officials from NTPC, NGEL, MPPGCL, and the state’s Energy Department.

Also Read: NTPC Green Energy shares fall 5% after shareholder lock-in period ends todayNTPC Green Energy’s net profit or profit after tax (PAT) jumped 52.3% to ₹89.4 crore for the quarter, compared to ₹58.7 crore in the same quarter last fiscal year. The renewable energy firm’s revenue for the quarter grew by 4.1%, totalling ₹460.9 crore, up from ₹442.6 crore in Q3 FY24.

NTPC Green Energy’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) declined by 2.3%, coming in at ₹384.6 crore, down from ₹393.6 crore in the previous year. The company’s EBITDA margin, however, slipped to 83.5% from 88.9% in Q3 FY24.

Shares of NTPC Green Energy Ltd ended at ₹98.45, down by ₹7.15, or 6.77% on the BSE.

Also Read: ONGC NTPC Green to acquire 100% stake in Ayana Renewable for ₹19,500 crore