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State-run NTPC on Tuesday said that it has transferred all its renewable energy (RE) assets to its subsidiary company NTPC Green Energy (NGEL).
“Under the aegis of the National Monetisation Pipeline (NMP) of the government of India, NTPC completed the closing of the transactions in relation to consolidating its RE portfolio under one umbrella entity ie., NGEL on February 28, 2023,” the country’s largest power generator said in a statement.
NTPC incorporated NGEL in April 2022 for consolidating its renewable energy (RE) businesses and aggressively pursuing its green/ sustainable energy venture.
The transactions comprised transfer of 15 RE assets, through a Business Transfer Agreement (BTA), and the transfer of 100 per cent equity shareholding of NTPC Renewable Energy (NREL), a wholly-owned subsidiary of NTPC, through a Share Purchase Agreement (SPA), executed on July 8, 2022, it added.
“This scheme has been implemented as a part of the corporate business plan of the group to provide an impetus to its focus on achieving the 60 gigawatts (GW) of RE capacity target by FY32,” the Genco said.
Last week, NGEL announced plans to raise up to ₹9,000 crore to repay an outstanding debt liability as well as to raise fresh loans.
NTPC’s RE projects add up to 2,861 megawatts (MW), which includes 14 solar power projects of 2,811 MW and a wind power project of 50 MW.
Out of the 15 projects, 13 projects (2,261 MW) are fully operational and the remaining 2 projects are partly operational (operational capacity 350 MW out of 600 MW) taking the Cumulative Operational Capacity to 2,611 MW as on date. These 15 RE projects have firm PPA tie-ups for 100 per cent capacities with State Discoms and CPSEs.
Flag-bearer
NGEL aims to be the flag-bearer of NTPC’s RE journey with a rapid capacity enhancement reaching to around 12 GW operational capacity by FY25 on a consolidated basis and further scale up to achieve the larger target of 60 GW by FY32.
NGEL has multiple prongs to achieve growth over the decade and act as a premier RE player in India as well as globally.
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