NTPC Green Energy Ltd (NGEL), a subsidiary of the India state-owned power group NTPC, has signed a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to develop 10 GW of renewable projects in Maharashtra and other states of India. The partnership will focus on building renewable energy parks and projects, which will contribute to NTPC’s goal of reaching 60 GW of renewable capacity by fiscal year 2032. 

In addition, NTPC Green Energy has also submitted an application to the Securities and Exchange Board of India (SEBI) for a INR100bn (US$1.2bn) initial public offering (IPO), which is set to open in November 2024. The IPO is also expected to contribute to NTPC’s renewable goals. 

At the national level, India plans to increase its non-fossil fuel capacity to 500 GW. At the end of 2023, solar and wind accounted for nearly 24% of installed capacity in India, with respectively 73 GW and 45 GW.