NTPC Green Energy and MAHAPREIT Team Up for 10 GW Renewable Energy Projects in India
NTPC Green Energy Limited has entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) to develop 10 gigawatts of renewable energy projects. The projects will be located in Maharashtra or other states in India.
The agreement was signed by Rajiv Gupta, CEO of NTPC Green Energy, and Bipin Shrimali, MD of MAHAPREIT, in Mumbai. NTPC Green Energy is also planning a Rs 10,000 crore initial public offering (IPO) to fund its subsidiary NTPC Renewable Energy Limited and other corporate purposes.
NTPC Renewable Energy Limited, formed on October 7, 2020, is a wholly-owned subsidiary of NTPC Limited. The company aims to accelerate renewable energy growth and increase the green footprint across India and beyond.
India has committed to significant renewable energy goals, including reaching 500 GW of non-fossil electricity capacity and reducing emissions by 1 billion tonnes by 2030. The country also aims to achieve net-zero emissions by 2070.
Doubts Revealed
NTPC Green Energy Limited -: NTPC Green Energy Limited is a company in India that focuses on creating energy from sources that don’t harm the environment, like the sun and wind.
MAHAPREIT -: MAHAPREIT stands for Mahatma Phule Renewable Energy and Infrastructure Technology. It’s an organization in India that works on projects to create clean energy and improve infrastructure.
10 gigawatts -: A gigawatt is a unit of power. One gigawatt is equal to one billion watts. So, 10 gigawatts is a lot of power, enough to supply electricity to millions of homes.
Rajiv Gupta -: Rajiv Gupta is the CEO (Chief Executive Officer) of NTPC Green Energy Limited. A CEO is the person who makes important decisions for a company.
Bipin Shrimali -: Bipin Shrimali is the Managing Director (MD) of MAHAPREIT. An MD is a person who manages the day-to-day operations of a company.
IPO -: IPO stands for Initial Public Offering. It’s when a company sells its shares to the public for the first time to raise money.
Rs 10,000 crore -: Rs 10,000 crore is a large amount of money. One crore is equal to ten million, so Rs 10,000 crore is ten thousand times ten million rupees.
subsidiary -: A subsidiary is a company that is controlled by another company. NTPC Renewable Energy Limited is controlled by NTPC Green Energy Limited.
renewable energy -: Renewable energy comes from sources that can be used over and over again, like sunlight, wind, and water. It doesn’t run out and is better for the environment.
net-zero emissions -: Net-zero emissions means that the amount of harmful gases, like carbon dioxide, released into the air is balanced by actions that remove those gases, making the total impact zero.