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NTPC Renewable Energy Ltd (NTPCREL), a wholly-owned subsidiary of NTPC India Ltd, expects to hit the capital market with its IPO (initial public offering) next year. But the quantum of funds to be raised is yet to be known.
“We are still talking to the merchant bankers and maybe next year we will able to do that,” Mohit Bhargava, Chief Executive Officer of NTPCREL told businessline at the Greenergy 2023 conference here.
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In the latest earnings call, NTPC management said that it had annulled the process of identifying a strategic investor for NTPC Green Energy Ltd due to certain issues and would be working on the strategies for the IPO which would unlock further value.
Bhargava said the company has made significant progress on the renewables side. NTPCREL has firmed up several new renewable and storage contracts and as a result of the same, the company’s, total renewable pipeline has reached 20 GW. In this, the company has won 10-11 GW through bidding, while 8-9 GW of capacity has been finalised with C & I (Commercial and Industrial) consumers.
“As of we are working on a pipeline of 20 GW, of which 10-11 GW we have won through bidding, and for another 8-9 GW we have done C&I agreements. In line with the Government of India’s focus on renewable energy, our target is to reach 60 GW of renewable energy capacity by 2032, he said.
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While the company is buying storage capacity to provide power on an RTC (round-the-clock) basis, it is also talking to various state governments about the allocation of pumped storage sites. “Of course, we looking for various storage solutions as our tenders are technology-agnostic for storage,” said Bhargava.
Recently, Greenko Energies won the company’s auction to set up ISTS-connected energy storage systems of 3000 Mwh capacity. Greenko won by quoting the lowest bid in the technology-agnostic storage tender. NTPCREL has also issued another technology-agonistic energy storage tender for 9 Gwh.
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