State-owned power giant NTPC has received approval from the Department of Investment and Public Asset Management to list its green energy arm NTPC Green Energy Ltd (NGEL) to raise up to Rs 10,000 crore, according to a source.
NGEL is expected to go public to raise up to Rs 10,000 crore anytime after March, the source told PTI.
The NTPC's proposal for NGEL listing was approved by the Department of Investment and Public Asset Management (DIPAM), as per the source.
The company is planning to utilise the funds towards energy transition and setting up green energy projects, including solar and green hydrogen.
In December 2023, NTPC CMD Gurdeep Singh told PTI that his company is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand for power going forward.
The company has a target to add 60GW of renewable energy capacity by 2030, which it expects to achieve even earlier.
NGEL is a wholly-owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in the pipeline, including 7 GW under implementation.
On Monday, NGEL signed an MoU with the Maharashtra government to develop green hydrogen projects and its derivatives in the state at an investment of Rs 80,000 crore.
NGEL has signed an MoU with the Maharashtra government for development of green hydrogen and derivatives (green ammonia, green methanol) of up to 1 million tonne capacity per annum, including pump hydro projects of 2 GW and development of RE projects with or without storage up to 5 GW in the state, the firm said.