NTPC has raised an unsecured $750 million External Commercial Borrowing (ECB) Syndicated Term Loan facility (Base issue of $500 million and Greenshoe option of $250 million) with door-to-door tenor of 10 years and an average maturity of 7 years.
The deal was executed through the IFSC Banking Units (IBU) of Bank of Baroda (BoB) and HDFC Bank in Gift City, Gandhinagar, per a joint statement by BoB and NTPC.
BoB acted as the mandated lead arranger and underwriter for the transaction of $500 million, while HDFC Bank was the mandated lead arranger and bookrunner for the Greenshoe portion of $250 million, according to the statement.
Boost for capex
The ECB proceeds will be utilised towards financing NTPC’s capital expenditure for existing or new capacity-addition programmes, including flue gas desulphurisation projects, renewable energy projects (including hydro-based projects) and refinancing of existing ECB.
Jaikumar Srinivasan, Director (Finance), NTPC, said, NTPC has a strategic vision to achieve 60 GW of renewable capacity by 2032 and elevate itstotal installed capacity from 80 GW to 130 GW+.
This ambitious trajectory underscores NTPC’s leadership in sustainable energy and its dedication to a balanced, future-ready power ecosystem, he added.
Lalit Tyagi, Executive Director, BoB, said, “This deal demonstrates Bank of Baroda’s capabilities in global infrastructure financing as well as highlights the key role played by our IFSC Banking Unit in facilitating strategic, cross-border funding through GIFT City.”