NTPC Green Energy is the renewable energy subsidiary of NTPC. Credit: rafapress/Shutterstock.

NTPC Green Energy, the renewable energy arm of India’s National Thermal Power Corporation (NTPC), has filed for an initial public offering (IPO) with the Securities and Exchange Board of India to raise $1.19bn.

The IPO will consist solely of fresh equity shares, with no offer-for-sale aspect.

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The company has earmarked $947m of the proceeds to repay or prepay part of the outstanding loans of its subsidiary, NTPC Renewable Energy Ltd, and the rest for general corporate purposes.

The move comes in the wake of a robust IPO market in India, where around 60 main board companies have launched IPOs in 2024.

NTPC Green Energy has a diverse renewable energy portfolio that includes solar and wind power assets across six Indian states..

As of August 2024, the company’s operational capacity includes 3.07GW from solar and 100MW from wind projects, as reported by Mint.

The NTPC group has kept a target to achieve 60GW of renewable energy capacity by 2032 and currently has more than 28GW under development.

The Indian IPO market is experiencing a significant boom, with 235 companies going public in 2024, raising more than $8.6bn, surpassing the total amount raised in the previous year, as reported by Reuters.

Major power producers in India are increasingly focusing on renewable energy, aligning with the government’s goal to integrate at least 500GW of clean energy by 2030 to mitigate carbon emissions.

At the end of June 2024, NTPC Green Energy’s total borrowings stood at $1.93bn.

The book-running lead managers for the IPO are HDFC Bank, IIFL Securities, IDBI Capital Markets & Securities, and Nuvama Wealth Management.

In September 2024, the Indian government approved Anushakti Vidhyut Nigam (ASHVINI), a joint venture (JV) between the Nuclear Power Corporation of India Limited (NPCIL) and NTPC to lead nuclear power generation.