NTPC signed a Memorandum of Understanding (MoU) with Government of Andhra Pradesh (GoAP) today in Hyderabad for developing 1000 MW solar power project(s) in Andhra Pradesh. The MoU was signed by Arup Roy Choudhury, chairman & managing director, NTPC and Ajay Jain, secretary to government of Andhra Pradesh, department of energy in the presence of chief minister of Andhra Pradesh, N Chandrababu Naidu, union minister of state for power coal and new & renewable energy, Piyush Goyal.

As per the MoU, NTPC shall develop 1000 MW solar power Project(s) at sites identified by GoAP on Build-Own-Operate (BOO) basis, in a phased manner. The documents for transfer of land for 4000 MW Pudipadaka Thermal Power Project were also handed over to NTPC on the occasion.

Shares of the company declined Rs 3.65, or 2.68%, to settle at Rs 132.45. The total volume of shares traded was 596,990 at the BSE (Tuesday).