The new company will focus on developing, operating, and maintaining renewable energy parks across India.
The joint venture, formalised 8 April 2025, is structured with NGEL holding a 74% stake and MAHAPREIT owning the remaining 26%.
The entity will focus on developing ultra mega renewable energy power parks (UMREPP) and other solar, wind, and hybrid projects, with or without storage, totaling up to 10 GW in capacity. The project will initially focus on Maharashtra but may expand to other states.
According to a regulatory filing, the incorporation was approved by the Ministry of Power after obtaining concurrence from DIPAM and NITI Aayog. NGEL has subscribed to 74,000 equity shares at a face value of Rs 10 each.
Further, the company has commissioned a 90 MW unit of Dayapar Wind Energy Project Phase I in Gujarat.
The second part, with a capacity of 90 MW out of 150 MW, of the Dayapar Wind Energy Project Phase I of NTPC Renewable Energy Limited at Bhuj, under the 450 MW Hybrid Project, is declared to be on commercial operation, effective from 9 April 2025, it added.
The first part, with a capacity of 50 MW, has already been declared in commercial operation, effective from 4 November 2023.
NTPC Green Energy (NGEL), promoted by ‘Maharatna’ central public sector enterprise NTPC, is the largest renewable energy (excluding hydro) public sector enterprise in terms of operating capacity.
The company reported an 18% jump in consolidated net profit to Rs 65.61 crore in Q3 FY25 as against Rs 55.61 crore posted in Q3 FY24. Revenue from operations grew by 13.2% YoY to Rs 505.08 crore in the quarter ended 31 December 2024.
Shares of NTPC Green Energy shed 0.99% to Rs 95.45 on the BSE.