NTPC Green Energy Ltd (NGEL), the renewable energy arm of NTPC, launched its Rs 10,000 crore Initial Public Offering (IPO) on Tuesday, priced between Rs 102-108 per share. This public issuance, fully comprising new equity shares without any Offer For Sale (OFS), will close on November 22. The IPO aims to raise Rs 7,500 crore to repay or prepay loans held by its subsidiary, NTPC Renewable Energy Ltd (NREL), with additional funds allocated for corporate purposes.
NTPC CMD Gurdeep Singh stated that expanding NGEL’s capacity to 19 GW by March 2027 is a key priority, requiring an investment of Rs 1 lakh crore. NGEL currently operates 3,220 MW of solar and 100 MW of wind projects across six states. The planned increase will be phased, with 6 GW operational by this fiscal year, another 11 GW by FY 2025-26, and the full 19 GW by FY 2026-27.
New projects will be located in states including Gujarat, Rajasthan, Maharashtra, and Andhra Pradesh, with secured Power Purchase Agreements (PPAs) at Rs 2.6 per unit for solar and Rs 3.24-3.6 per unit for wind. The IPO was subscribed by 33% on its opening day.
