State-owned power producer NTPC (NSE:NTPC, BOM:532555) has signed multiple agreements to invest around 2 trillion Indian rupees for renewable energy projects in the Indian state of Madhya Pradesh, according to a Monday filing to the Indian stock exchanges.
The company's subsidiary NTPC Green Energy signed a memorandum of understanding with the Madhya Pradesh Power Generating Co. for setting up renewable energy projects up to 20 GW or more in the state, with an investment of 1.2 trillion rupees.
Also, NTPC signed an MOU with Madhya Pradesh Power Management, on behalf of the state government of Madhya Pradesh for other sustainable non-fossil fuel power plants at an estimated investment of 800 billion rupees.
The company also signed a pact with the Madhya Pradesh government to invest about 40 billion rupees to set up 800 MW of pumped hydro storage projects in the state.
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