NTPC Green Energy signs pact for projects worth Rs 2 Lakh Cr in Andhra Pradesh

NTPC Green Energy Ltd has signed an agreement with NREDCAP to set up renewable energy projects worth Rs 2 lakh crore, Andhra Pradesh Chief Minister N Chandrababu Naidu said.

NTPC Green Energy Ltd (NGEL), the renewable energy arm of power giant NTPC, has recently launched its Rs 10,000 crore initial public offering (IPO) with a price band of Rs 102-108 per share.

NGEL has signed a joint venture with NREDCAP (New & Renewable Energy Development Corporation of Andhra Pradesh) to set up renewable energy (RE) projects worth Rs 2,00,000 crore in Andhra Pradesh, Naidu said in a post on X on Thursday.

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The collaboration will focus on developing 25 GW solar/wind, 10 GW pumped storage projects (PSPs), and 0.5 MMTPA green hydrogen, the chief minister added.

"This historic project will create over one lakh jobs and position our state as a renewable energy leader at the forefront of India's green energy revolution," Naidu said.

Meanwhile, NTPC Green Energy's IPO was fully subscribed on the third day of the share sale on Friday. The Rs 10,000-crore share sale received bids for 60,68,16,774 shares, as against 59,31,67,575 shares on offer, translating into 1.02 times subscription, as per NSE data.

The portion for retail investors got subscribed 2.70 times. The quota for qualified institutional buyers (QIBs) fetched 75% subscription, while the non-institutional investors part got subscribed 42%.

(The copy was updated with additional information.)