Solar stock jumps 4% after commencing 1st phase of Shajapur Solar Project
Solar stock jumps 4% after commencing 1st phase of Shajapur Solar Project
Shares of this green energy stock actively expanding its role in India’s renewable energy sector surged 4 percent on Thursday after announcing commercial operations of 55 MW out of 105 MW Shajapur Solar Project (Unit-I) at Shajapur, Madhya Pradesh of NTPC Renewable Energy Limited, a wholly owned subsidiary of NTPC Green Energy Limited.
Price Movement
In Thursday’s trading session, NTPC Green Energy Ltd reached an intra-day high of Rs.127.55 per share, a 4.4 percent higher from its previous close of Rs.122.10 per share. The shares have retreated since then and currently trading at Rs.124.10 apiece.
What happened
NTPC Green Energy Limited, through its wholly owned subsidiary NTPC Renewable Energy Limited, has successfully commissioned the first phase of the 105 MW Shajapur Solar Project in Madhya Pradesh.
This initial phase covers 55 MW of the total capacity, marking significant progress in NTPC’s renewable energy expansion. The remaining capacity will be completed in later phases, contributing to India’s clean energy targets.
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Future Goals
The funds raised from the initial public offering will primarily be directed towards new solar and wind projects, to achieve a commissioned capacity of 19,000 MW by FY27, according to NTPC and NTPC Green Energy CMD Gurdeep Singh.
Additionally, NTPC aims to increase its renewable energy capacity to 60 GW by 2032, while leveraging its strong credit ratings to optimize funding costs.
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. However, net profits fell by 16 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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