Synopsis:
NTPC Green Energy signed an MoU with VOC Port Authority to introduce green hydrogen fueling station and trucks at the Tuticorin port.
The shares of a Large-Cap company, specializing in developing, operating, and maintaining renewable energy projects, particularly in solar and wind power, jumped upto 2 percent upon signing the MoU with the VOC Port Authority for the Green Hydrogen Project.
With a market capitalization of Rs. 88,181.54 crores on Monday, the shares of NTPC Green Energy Ltd jumped upto 1.7 percent, making a high of Rs. 105.90 per share compared to its previous closing price of Rs. 104.10 per share.
What Happened
NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has signed a Memorandum of Understanding (MoU) with V.O. Chidambaranar Port Authority (VOCPA) in Tuticorin, Tamil Nadu.
The MoU aims to promote green energy technologies at the port, with a focus on implementing a green hydrogen mobility scheme. As part of this initiative, NGEL will establish a green hydrogen fueling station and deploy hydrogen-based internal combustion engine trucks for port operations, paving the way for phasing out fossil fuel vehicles and enhancing decarbonization and energy security.
The agreement was exchanged in the presence of Union Minister Sarbananda Sonowal, Tamil Nadu State Ministers, and senior officials from NTPC and VOCPA. NGEL, which has already launched similar green hydrogen projects in Surat, Leh, Greater Noida, Bhubaneshwar, and Kandla Port, is also developing a green hydrogen hub in Visakhapatnam and targets achieving 60 GW of renewable energy capacity by 2032.
Financials & Others
The company’s revenue rose by 17.59 percent from Rs. 578 crore to Rs. 680 crore in Q1FY25-26. Meanwhile, the Net profit rose from Rs. 139 crore to Rs. 220 crore during the same period.
NTPC Green Energy Limited (NGEL) is a wholly-owned subsidiary of NTPC Limited, which is one of the largest power generation companies in India. The primary focus of NTPC Green Energy is to advance the country’s transition to renewable energy, spearheading initiatives to reduce dependence on conventional fossil fuels and contribute to sustainable power generation.
The company focuses on harnessing solar, wind, and other green energy sources to meet the growing energy demand in an environmentally sustainable manner. NTPC Green Energy Limited (NGEL) leads NTPC’s green energy efforts and works on clean energy projects through both its developments and partnerships. Its goal is to help NTPC reach its target of 60 GW of green energy by the year 2032.
It has successfully commissioned 34 projects and is currently executing 36 more, contributing to a total present capacity of over 6.8 GW. The company prioritizes a systematic approach to Solar Power project design and implementation, ensuring efficiency and scalability.
They also invest in Floating Solar Power, offering a sustainable, space-efficient solution by installing solar photovoltaic panels on water bodies. Additionally, Hybrid Power projects combine various renewable energy sources to address the limitations of individual technologies, creating more reliable and consistent energy generation.
Written by Sridhar J
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
