NTPC UP Green Energy Limited was incorporated on 1st January, 2025 as 51:49 joint venture of NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). The certificate of incorporation issued by the Registrar of Companies was received on 4th January, 2025. The objective of the company is to develop, operate and maintain renewable energy parks and projects.

Ministry of Power (MOP), Government of India forwarded concurrence of DIPAM and NITI Aayog, which conveyed the approval for formation of JVC between NGEL, a subsidiary of NTPC Limited and UPRVUNL, a UP Government Undertaking. NGEL has subscribed 51,000 equity shares (along with nominees) at the face value of Rs. 10 each.