15 renewable energy assets transferred by NTPC to NGEL for Rs 100 bn

02 Mar 2023 CW Team

The world’s largest power company NTPC said that it has successfully transferred 15 renewable energy assets to NTPC Green Energy Limited (NGEL) for an amount of Rs 100 billion. Also, a regulatory filing states that the business sold NGEL its whole ownership in NTPC Renewable Energy for Rs 7.31 billion. According to NTPC, a business transfer agreement signed on July 8, 2022, has successfully transferred 15 renewable energy assets to NGEL, a wholly-owned subsidiary. Rs 100 billion in total was the compensation for the transfer of the 15 assets, it continued. Under a share purchase agreement, the business also completed the transfer of all equity shares in NTPC Renewable Energy to NGEL.

NTPC is India’s largest energy conglomerate with roots planted way back in 1975 to accelerate power development in India. Since then it has established itself as the dominant power major with presence in the entire value chain of the power generation business. From fossil fuels it has forayed into generating electricity via hydro, nuclear and renewable energy sources. This foray will play a major role in lowering its carbon footprint by reducing green house gas emissions. To strengthen its core business, the corporation has diversified into the fields of consultancy, power trading, training of power professionals, rural electrification, ash utilisation and coal mining as well.

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