India's NTPC could offload stake in renewables business - report
Solar plant in India. Source: NTPC. License: All rights reserved.
May 4 (Renewables Now) - Indian state-run energy company NTPC Ltd (BOM:532555) is looking to raise around INR 20 billion (USD 261m/EUR 247m) by selling a stake in its renewable energy business, according to local media reports.
The stake divestment in NTPC Green Energy (NGEL) could be carried out through a private share placement, an initial public offering (IPO) or a combination of the two, Financial Express reported today, citing a company official. The funds are expected to be used for renewables capacity expansion.
The Hindu Business Line on Tuesday reported that renewable energy assets from NTPC and NTPC Renewable Energy (NREL) will be transferred to NGEL, which will become the main vehicle for the company’s clean energy initiative.
According to NTPC Renewable Energy’s website, it has 1,652 MW of solar and wind capacity in operation and 3,440 MW of renewables under implementation.