NTPC Green Energy Files Rs.100 Billion IPO

23 Sep 2024 CW Team

NTPC Green Energy, a subsidiary of NTPC, has submitted a draft red herring prospectus (DRHP) to raise Rs.100 billion ($1.19 billion) through an Initial Public Offering (IPO). This offering will consist of a fresh issue of up to 10,000 equity shares with a face value of Rs.10 ($0.119) each, and there will be no offer for sale included in this IPO. Notably, existing shareholders of NTPC will have access to a quota of up to 10% of the issue.

The net proceeds from the IPO are earmarked for NTPC Renewable Energy (NREL) to repay or prepay certain outstanding borrowings totaling Rs.75 billion ($895.78 million). The remaining Rs.25 billion ($298.59 million) will be allocated for general corporate purposes, which may include strategic initiatives, partnerships, joint ventures, acquisitions, and capital expenditure.

As of July 31, 2024, NREL reported outstanding borrowings of Rs.162.35 billion (~$1.93 billion) from various term loans and working capital facilities. The company operates solar and wind projects across more than six Indian states, boasting a combined capacity of 3,071 MW for solar and 100 MW for wind projects as of August 31, 2024.

In the first quarter of FY 2025, NTPC Green Energy generated ?5.58 billion (~$66.64 million) from renewable energy sales, primarily from solar initiatives. Recently, NTPC Green Energy issued a tender to sell 100,000 carbon credits associated with its 610 MW capacity projects.

Additionally, the Suzlon Group secured a significant order from NTPC Green Energy to install 1,166 MW worth of wind turbine generators, enhancing the company’s renewable portfolio and operational capacity.

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