NTPC Green rises 3% on signing MoU with Gujarat government for Solar Parks

NTPC Green Energy shares rose 2.8 per cent on BSE, logging an intra-day high at ₹100.9 per share. At 9:45 AM, NTPC Green’s share price was trading 1.32 per cent higher at ₹99.45 per share on BSE. In comparison, the BSE Sensex was up 0.27 per cent at 82,395.25. 

 

The market capitalisation of the company stood at ₹83,799.85 crore. Its 52-week high was at ₹155.3 per share, and its 52-week low was at ₹84.6 per share. 

Why were NTPC Green Energy shares rising?

The buying on the counter came after the company’s subsidiary NTPC Renewable Energy signed a memorandum of understanding (MoU) with the government of Gujarat for the development of Solar Parks and projects with a cumulative capacity of 10 GW and wind projects of 5 GW in the state.

 

 

That apart, in September, NTPC Green Energy, a subsidiary of NTPC, has inked an MoU with V.O. Chidambaranar Port Authority (VOCPA) in Tamil Nadu. The MoU is intended to further the green energy technologies in VOC Port and especially the green hydrogen mobility scheme. 

 

Under the contract, NTPC Green will set up a green hydrogen fuelling station in VOC Port along with hydrogen based Internal Combustion Engine trucks for the VOC port operation. This will open an option of phasing out fossil fuel trucks in favour of clean and green fuels, bringing decarbonisation and

energy security. 

 

NTPC has been operating the green hydrogen blending project at Surat, Gujarat, for over two years and already taken similar mobility initiatives at Leh, Ladakh, Greater Noida, Uttar Pradesh, Bhubaneshwar, Odisha, and Kandla Port, Gujarat, according to the company filing.  ALSO READ | TCS stock looks technically weak, stares at 13% downside risk; key levels 

Meanwhile, NTPC Green Energy is also developing the green hydrogen hub in Vishakhapatnam, Andhra Pradesh and aims to reach 60 GW of renewable energy capacity by 2032 with energy storage solutions.

 

NTPC Green Energy is an umbrella company for the green business initiatives of NTPC and undertakes projects through organic and inorganic routes and aims to be the flag-bearer of NTPC’s green energy journey to achieve the ambitious target of 60 GW by FY 32.

 

The company has diversified its portfolio within the realm of Green Energies and is participating in bidding processes, tenders, and Ultra Mega Renewable Energy Power Parks (UMREPP), to achieve growth over the decade and act as a premier “Green Energy” player in India as well as globally.