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The agreements cover the development of renewable energy projects based on solar, wind, pumped hydro, and other carbon-neutral energy sources in the state.
The first MoU was signed between NGEL and Madhya Pradesh Power Generating Company Ltd (MPPGCL) for setting up Renewable Energy projects up to 20 GW or more in the state, at an approximate investment of ₹1,20,000 crore.
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This has paved the way for the formation of a Joint Venture Company (JVC), which will help in mitigating the Renewable Generation Obligation (RGO) of Madhya Pradesh Generating Company as well as the Renewable Purchase Obligation (RPO) of Madhya Pradesh DISCOMs.
The second MOU was signed between NTPC and the government of MP for other sustainable non-fossil fuel power plants at an estimated investment of ₹80,000 crore. Madhya Pradesh Power Management Company Ltd (MPPMCL), has signed this MOU on behalf of the state government.
An agreement was also signed between the government of MP and NTPC, pertaining to an intent to invest approximately ₹4,000 crore in setting up 800 MW of Pumped Hydro Storage Project in the state.
Also Read: NTPC plans to spend $62 billion on 30 GW of nuclear power, sources say
Shares of NTPC Ltd ended at ₹320.10, down by ₹5.85, or 1.79% on the BSE.
