- Press Releases
July 2 (Renewables Now) - Indian state-run power producer NTPC Ltd (BOM:532555) plans an initial public offering (IPO) for its renewable energy subsidiary to back its clean energy ambitions, Bloomberg reports, citing an insider.
The bourse listing of NTPC Renewable Energy Ltd is intended to occur in the fiscal year starting April 2022, an unnamed company official has said.
New Delhi-based NTPC, India’s largest power generator, recently unveiled an ambitious plan for an INR-2.5-trillion (USD 33.4bn/EUR 28.3bn) clean energy expansion that will see it cut the share of fossil fuels in its energy mix to about 50% from the current 92%. It has set a goal of building 60 GW of renewable power plants by 2032, doubling its earlier target for 32 GW of installed renewables capacity. The net energy intensity of the company’s operations is set to be lowered by 10% by the same year.
According to the report, NTPC has obtained land for a 5-GW renewables complex in Gujarat and will also dive into the offshore wind sector through a partnership with domestic oil explorer Oil and Natural Gas Corp.
The unnamed official has told Bloomberg that apart from the IPO, funds for the clean energy expansion will be sought through bond sales, loans and possibly asset sales.
NTPC’s website shows that the group owns roughly 1.9 GW of installed renewables capacity, including large hydro and excluding joint venture interests.
(INR 10 = USD 0.0134/EUR 0.113)