Davos deals | NTPC Green Energy signs MoU with Uttar Pradesh for renewable projects

NTPC Green Energy Limited(NGEL), a subsidiary of NTPC Limited, has signed a memorandum of understanding (MoU) with Uttar Pradesh for the development of renewable energy and green hydrogen projects in the state.

The MoU was signed on January 22, 2026, on the sidelines of the World Economic Forum Annual Meeting in Davos. The agreement was executed between Vijay Kiran Anand, CEO of Invest UP and UPSIDA, and DMR Panda, Executive Director of NGEL, in the presence of a state minister.

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NTPC Green Energy reported a 131.6% year-on-year increase in net profit at ₹88 crore for the quarter ended September 30, 2025, compared to ₹38 crore in the same quarter last year.

Revenue for the quarter stood at ₹612.3 crore, up 21.5% from ₹503.8 crore in Q2FY25. The company’s EBITDA came in at ₹529.6 crore, reflecting a 26% growth from ₹420.2 crore in the year-ago period. The EBITDA margin for the quarter improved to 86.5%, compared to 83.4% in Q2FY25.

NTPC Green Energy (NGEL) is a subsidiary of state-owned power giant NTPC. NGEL is an umbrella company for green business initiatives of NTPC and undertakes projects through organic and inorganic routes, and aims to be the flag-bearer of NTPC's green energy journey to achieve the ambitious target of 60 GW by FY32.

Shares of NTPC Green Energy Ltd closed at ₹91.23 on the NSE, up ₹1.88, or 2.10% today, January 22.

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