India's NTPC plans to invest more than $23 billion on renewable energy in Madhya Pradesh

NTPC Green Energy

24/02/2025 15:41

Feb 24 (Reuters) - Indian state power company NTPC
 NTPC.NS  will invest more than 2 trillion rupees ($23.07
billion) on renewable energy projects in the central state of
Madhya Pradesh, the company said on Monday.
        The announcement adds to the several renewable energy
investments the company plans to make over the 
    next couple of decades
     amid India's push to move away from fossil fuels.
  
        The company and its unit NTPC Green Energy  NTPG.NS 
signed agreements with the state government for the investments
covering projects based on solar, wind, pump hydro and other
carbon neutral sources. Time period for the investments were not
given.
        One of the projects was to set up capacity of up to 20
gigawatts for 1.2 trillion rupees of investment.
        The company will invest the remaining amount in setting
up 800 megawatts of pumped hydroelectric storage project and
other sustainable non-fossil fuel power plants in the state.
    Separately, Adani Group on Monday also announced investments
worth 1.1 trillion rupees in the state in hydroelectric power
storage, cement, mining, smart meters, and thermal energy.
    The group is also in talks with the state government to
invest another 1 trillion rupees for a smart city, an airport
and a coal gasification project.
 
($1 = 86.6820 Indian rupees)

 (Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru;
Editing by Leroy Leo)
 ((Ananta.agarwal@thomsonreuters.com;))