Shares of renewable energy firm NTPC Green Energy Limited (NGEL) are soaring. On Thursday, the company's stock price jumped to ₹99.90, a more than 15% increase from the previous trading day's closing price of ₹86.73. The stock has cumulatively risen by over 13% in the past five trading sessions.
NGEL is a wholly-owned subsidiary of NTPC Limited, responsible for overseeing the green energy initiatives of India's largest state-owned power company.
Increased Power Capacity
NGEL's stock began to rise following a regulatory filing on March 10, in which the company stated that it would commence power generation from a 270 MW solar installation on Wednesday, March 11, in the early hours. This installation is part of the 1200 MW Khavda-II solar photovoltaic project in Gujarat.
NGEL stated that its current commercial power generation capacity stands at 9292.68 MW. This development will increase its total installed capacity to 9562.68 MW. The parent company stated that the NTPC Group's total installed capacity is currently 88544 MW, with a commercial power generation capacity of 87464 MW.
Power Generation from Renewable Sources
NTPC stated that it is taking steps to make its energy mix greener by increasing power generation capacity from renewable sources. The company stated that its goal is to obtain 60 GW of power generation capacity from renewable sources by 2032, which accounts for nearly 45% of its total power generation capacity.