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India's largest power generating company, the state-owned NTPC Limited, has filed IPO papers for its green energy arm. The company plans to raise close to $1.2 billion or approximately Rs 10,000 crore through the public issue of NTPC Green Energy Ltd (NGEL).
Senior management of the company confirmed the development, but the spokesperson declined to comment.
NTPC launched NGEL in 2021 as the dedicated arm for its green energy and energy transition projects. The company chose to go public after efforts to find a strategic investor failed due to below-optimum valuations offered by foreign investors.
Apart from solar and wind power projects, NTPC is looking to invest in green hydrogen and green methanol—cleaner fuels that are manufactured at units powered by renewable energy.
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