The company has signed multiple memoranda of understanding with the Madhya Pradesh government to support sustainable energy initiatives.

Indian state power company NTPC will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday. The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India's push to move away from fossil fuels.

Shares of NTPC Green Energy surged by 4.6% following multiple MoUs signed with the Madhya Pradesh government during the Global Investors Summit to develop renewable energy projects. Despite this, NTPC shares dipped almost 1%.

The collaboration aligns with Madhya Pradesh’s long-term vision of leveraging its natural resources for sustainable development.

A deal was signed to set up a solar project. Solar Energy Corporation of India Limited (SECI) has committed a phase-wise capital expenditure of INR 2,500 crore to expand Madhya Pradesh’s renewable energy capacity.