Boost received from 1,000 MW solar project

There was a strong rise in the shares of NTPC Green Energy Limited (Ngel) on Monday morning. The jump came after the company’s subsidiary, NTPC Renewable Energy Limited (NREL), won a 1,000 MW solar energy project. This project has been awarded by Uttar Pradesh Power Corporation Limited (UPPCL).

Shares of NTPC Green Energy opened at Rs 132.05 on BSE in the morning and touched Rs 133.05 by 9:25 am, marking an intra-day rise of 3.66%.

NTPC Green Energy update: What did the company say?

NTPC Green Energy informed the stock market that its subsidiary NTPC Renewable Energy Limited (NREL) has acquired this project at the rate of Rs 2.56 per kilowatt hour.

• UPPCL declared NREL as the successful bidder in the e-reverse auction conducted for this project.
• Letter of Allotment (LOA) of the project will be received from UPPCL soon.

Objective of e-Reverse Auction:
The objective of this auction was to select developers for 2,000 MW ISTS-connected solar PV projects in India. This auction was held on January 3, 2024.

NTPC Green Energy: New year and positive beginning

The beginning of the new year has been great for NTPC Green Energy.

• The company’s shares have increased by about 2% so far in January.
• The 52-week high of the company’s share is Rs 155.30 and 52-week low is Rs 111.60.
• Currently the market cap of the company is Rs 1.09 lakh crore.

NTPC increasing focus on green energy

This new project of NTPC Green Energy Limited is an important step towards green energy in India. This project will not only boost solar power production but will also strengthen the financial position of the company.

• NTPC Green Energy’s increasing share in solar energy projects is making it a leader in the renewable energy sector.
• The company’s wholly owned subsidiary, NREL, is rapidly acquiring new projects, thereby increasing the potential for stability and returns for shareholders in the long run.