NTPC, the coal power giant is expecting to raise Rs 150 billion ($2 billion) through initial public offerings in three units which includes its renewable business and the paring of a joint venture stake, as per a company official who is familiar with the plans.
The official also said that the state-owned generator plans to sell shares in NTPC Renewable Energy Ltd. within a year. A listing of hydropower unit North Eastern Electric Power Corp., which it bought last year, and power trading arm, NTPC Vidyut Vyapar Nigam Ltd., are planned for early 2024, the person said.
NTPC is looking to sell its stake in NTPC-SAIL Power Co. – a joint venture with Steel Authority of India Ltd. The venture supplies electricity to the steelmaker’s mills and townships.
By the time it’s listed, NTPC Renewable Energy will aim to have at least 10 gigawatts of generation capacity, according to the official. The company may merge its 800-megawatt Koldam hydropower project in the northern state of Himachal Pradesh with the renewables subsidiary, the person said.
NTPC has won bids for 2,765 megawatts of renewables projects since the start of the fiscal year in April, 77% more than the whole prior fiscal year.
The company, which runs nearly 90% of its generation capacity on coal, raised the scale of its green ambitions earlier this year, saying it would help build 60 gigawatts of renewable energy projects by 2032, almost double the earlier plan.
