Solar stock jumps after commencing 150-MW solar PV project in Gujarat

Green Energy stocks surged 2 percent following the commencement of a 150 MW Solar PV Project in Mesanka, Gujarat. The launch of this significant renewable energy project is seen as a key step in expanding the company’s clean energy capacity, boosting investor confidence, and strengthening its position in the growing green energy sector. 

Price Movement 

In Thursday’s trading session, the share price of NTPC Green Energy Ltd reached an intra-day high of Rs.137.33 per share on Thursday, a rise of 1.35 percent from its previous close of Rs.135.49 per share. The share price has retreated since then and currently trading at Rs136.80 each. 

What happened 

NTPC Green Energy Limited, through its wholly owned subsidiary NTPC Renewable Energy Limited, has announced the successful commercial operation of the second phase of the 150 MW Gujarat Solar PV Project in Mesanka, Gujarat. This phase, with a capacity of 30 MW, has been officially declared operational by the Gujarat Energy Development Agency. 

The project is a part of NTPC’s broader strategy to expand its renewable energy portfolio and contribute to India’s clean energy goals. With this phase now operational, the project is expected to significantly boost green energy generation, supporting both local power needs and national sustainability objectives. 

Recent Developments 

The company is actively progressing with the development of several major projects. These include a green hydrogen hub in Pudimadaka, Andhra Pradesh, designed to advance clean energy solutions, and large-scale grid-connected battery storage systems aimed at ensuring a reliable, round-the-clock supply of renewable energy. 

Additionally, the company is working on the largest renewable energy initiative by any public sector undertaking in Khavda, Gujarat, which includes two solar projects with a combined capacity of 2.45 GW. 

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Future Goals 

NTPC Green Energy plans to reach a renewable energy capacity of 60 GW by FY 2032. Currently, it has around 3.5 GW installed, with over 28 GW in development across multiple projects. This ambitious goal supports India’s overarching strategy to expand its clean energy capacity. 

Financial Performance 

In its recent financial update for the quarter ending September 2024, NTPC Green Energy Ltd reported revenue from operations of Rs.1,082 crore, reflecting a 7.4 percent incline from Rs.1,008 crore in Q2 FY24. Net Profits improved significantly by 137 percent to Rs.175 crore from Rs.208 crore in the same period.

Company Overview 

NTPC Green Energy Limited (NGEL) is a wholly owned subsidiary of NTPC Limited, focused on renewable energy projects in India. As of September 2024, it is recognized as the largest public sector enterprise in the country for renewable energy generation, excluding hydroelectric power. 

Written by – Siddesh S Raskar 

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