World set to install 593 GW of new solar in 2024 - Ember
Sep 19, 2024 13:28 CESTIndian state-run energy company NTPC Ltd (BOM:532555) is seeking to raise around INR 100 billion (USD 1.2bn/EUR 1.07bn) from the initial public offering (IPO) of its renewable energy unit in an effort to beef up the business’ operations and repay debt.
NTPC Green Energy has filed a draft red herring prospectus (DRHP) for the proposed deal with the Securities and Exchange Board of India (SEBI). According to the official documents, the proposed deal calls only for the issue of new stock and does not include an offer-for-sale (OFS) component for existing shareholders.
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New Delhi-based NTPC Green Energy intends to allocate some of the fresh capital to repay the outstanding debt of its subsidiary NTPC Renewable Energy. Some of the funds will go to cover general corporate needs.
Details about the timeline of the offering were not available.
NTPC Green Energy focuses on the investment of wind, solar, energy storage and green hydrogen projects. It was set up in 2022 to consolidate NTPC's renewable energy assets and back its goal for a 60-GW renewables fleet by 2032. The company currently has over 3.8 GW of installed capacity.
(INR 10 = USD 0.120/EUR 0.107)
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