NLC India Ltd shares gained more than 3% on Wednesday, May 7, after the company signed a Power Purchase Agreement (PPA) with the Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL) for a solar power project of 810 MW.
The company also inked a Memorandum of Understanding (MoU) with IREL (India) Ltd.
The central public sector undertaking (PSU) is actively pursuing opportunities in the Critical Minerals and Rare Earth Elements (REE) sector, in India as well as abroad. Further, the Indian government encourages public sector enterprises to acquire Critical Minerals Assets, focusing on both domestic and international acquisitions, along with a distinct timeline, the company informed the stock exchanges in a filing.
On these lines, NLC India Ltd signed an MoU with IREL (India) to cooperate and collaborate for the development of mutually agreed assets of critical minerals in general, including REE by acquiring assets or sourcing raw materials domestically or internationally, the state-owned company informed the bourses.
Meanwhile, NLC India’s wholly-owned subsidiary and renewable energy arm, NLC India Renewables Ltd (NIRL), signed a PPA with Rajasthan Rajya Vidyut Utpadan Nigam Ltd, for its upcoming 810 MW Solar Power Project.
The Power Purchase Agreement was signed at a formal ceremony held in Jaipur.
The flagship project at Pugal Solar Park, Bikaner District, marks a significant milestone in NLCIL’s journey towards becoming a major player in the renewable energy space, the company said in a press release on May 6, 2025.
NLC India Renewables’ flagship project is being developed in the Bikaner district as the proposed site witnesses abundant solar radiation. This is the company’s largest solar project, and is being implemented under the MNRE’s Ultra Mega Renewable Energy Power Park (UMREPP) Scheme – Mode 8.
Through the said flagship project, an estimated 2 billion units (BU) of green electricity will be generated annually, offsetting nearly 1.5 million metric tons of carbon dioxide emissions per year.
Shares of NLC India rose as much as 3.5% to an intraday high of ₹225.55 per piece on the BSE on Wednesday. However, the stock pared some of its early gains to trade 3.38% higher at around 12:35 pm.
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