Mumbai: NTPC Green Energy Limited – a wholly-owned subsidiary of NTPC Limited — announced its IPO with equity shares priced at Rs 102 to Rs 108 per share, aggregating Rs 10,000 crores. The issue will open on November 19, 2024 and close on November 22, 2024.
He said the IPO issue proceeds will be utilized to the extent of Rs 7500 crore for investment in its wholly-owned Subsidiary, NTPC Renewable Energy Limited (NREL) for repayment/ prepayment, in full or in part of certain outstanding borrowings availed by NREL and general corporate purposes.
Describing India as the world’s 2nd largest renewable energy market while also looking at reducing emissions by 40% by 2030, Gurdeep Singh, Chief Managing Director, told media here recently that the company’s Vision is “60GW renewable energy capacity by 2032.’’
Noting that NTPC Green is playing a ‘pivotal’ role in fulfilling the country’s needs for green energy and its sustainability for India, he said the focus was also on green hydrogen, green molecules, green chemicals and storage of green energy, besides deploying cloud-based monitoring using AI.
“We will be reaching 6,000 MW by March 2025 and are also looking at thermal storage, besides making inroads into battery storage. We are close to starting work on our 12-acre coastal hydrogen hub at Vizagapatnam, but we don’t want to get into EPC as we don’t want to get stuck in it,” he said.
To a question, he said that hydro energy projects could last upto 100 years – depending on the topography of the area.
“To reduce reliance on China for solar modules, we are looking at “Make in India” suppliers and also viewing storage cell manufacturing upto 8MW and 10MW.”
Singh said “We are becoming future-ready and after 10 to 12 years, we may have an IPO for +Green Molecules+. We have 62MW production in +floating solar plants+ and are even having agriculture being done below some solar plants.”
With NTPC holding 25% market share in India, he said efforts were continuing to ensure that the Renewables segment also grew to that figure and more.
NTPC Green Energy is the largest renewable energy public sector enterprise (excluding hydro) in terms of operating capacity as of September 30, 2024 and power generation in Fiscal 2024, according to a CRISIL Report, November 2024.
Its renewable energy portfolio encompasses both solar and wind power assets with presence across multiple locations in more than six states, which helps mitigate the risk of location-specific generation variability. Its operational capacity was 3,220 MW of solar projects and 100 MW of wind projects across six (6) states as of September 30, 2024.
As of September 30, 2024, its “Portfolio” consisted of 16,896 MW including 3,320 MW of operating projects and 13,576 MW of contracted and awarded projects. Its Capacity under Pipeline together with its Portfolio consisted of 26,071 MW. It had 17 offtakers across 41 solar projects and 11 wind projects.
NTPC Green Energy’s revenue from operations grew at CAGR of 46.82% from Rs 910.42 crore in Fiscal 2022, to Rs 1,962.60 crore in Fiscal 2024. For the six months ended September 30,2024, revenue from operations stood at Rs 1082 crore and profit after tax stood at Rs 175.30 crore.
While its Operating EBITDA grew at CAGR of 48.23% from Rs 794.89 crore in Fiscal 2022 to Rs 1,746.47 crore in Fiscal 2024, its Profit After Tax has grown at a CAGR of 90.75 % from Rs 94.74 crore in Fiscal to Rs 344.72 crore in Fiscal 2024.
IDBI Capital Markets & Securities Limited, HDFC Bank Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the offer.
