NTPC Green Energy Ltd (NGEL) is set to enhance its renewable energy footprint by forming a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd (Mahapreit). This collaboration aims to develop renewable energy parks and projects with a total capacity of 10 gigawatts (GW) across Maharashtra and other states in India.

The joint venture agreement was signed on Wednesday in Mumbai by Rajiv Gupta, CEO of NGEL, and Bipin Shrimali, Managing Director of Mahapreit. The partnership is designed to facilitate the development of renewable energy parks and projects, with the potential to benefit various regions within the country.

This announcement comes shortly after NGEL submitted its draft red herring prospectus (DRHP) for an initial public offering (IPO) worth Rs.10,000 crore. The IPO is anticipated to launch in the first week of November, with promotional roadshows scheduled in major markets such as Mumbai, London, the United States, and Singapore.

According to the DRHP, NGEL's current solar energy capacity stands at 3,071 megawatts (MW), complemented by a wind power generation capacity of 100 MW. The funds raised from the IPO will support the company’s ambitious goal of expanding its capacity to over 60 GW by 2030, in line with the government’s target of achieving 500 GW of non-fossil energy capacity by the end of the decade.

In its prospectus, NGEL emphasized its strategy to broaden its renewable energy business. The company plans to boost its power generation capacity by finalizing ongoing solar and wind projects while exploring further growth opportunities with public sector units and private companies.

Mahatma Phule Renewable Energy and Infrastructure Technology Ltd, part of the Maharashtra government’s Mahatma Phule Backward Class Development Corporation, specializes in the generation, trading, operation, leasing, and rental of renewable energy projects.

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