New Delhi: State-run power utility NTPC Limited has dumped its plan to find a strategic investor for NTPC Green Energy Limited (NGEL) and is instead considering an Initial Public Offer (IPO), said Chairman and Managing Director (CMD) Gurdeep Singh. Addressing the shareholders in an annual report for the year 2022-23, Singh said, “I would like to place on record that we have annulled the process of identifying a strategic investor for NTPC Green Energy Limited due to certain issues and are now working on other strategies including an Initial Public Offer (IPO) which will unlock more value.”
Apprising the shareholders of the achievements of the Maharatna PSU, Singh said that for the first time, non-fossil fuel capacity addition exceeded fossil fuel capacity addition in FY23. “What’s even more important is that, for the first time, our organic non-fossil capacity addition has surpassed fossil capacity addition, showcasing our commendable progress in the energy transition journey. Your Company achieved this feat despite a lot of uncertainties and disruptions in the global supply chain,” the CMD told shareholders in the report.
“We are proud to report progress in the green hydrogen space as well. We have successfully commissioned blending project that incorporate green hydrogen with PNG (Piped Natural Gas). Moreover, green hydrogen mobility projects in Leh and Delhi, are set to be commissioned in the current fiscal. We are also working with Indian Army for setting up green hydrogen-based microgrids in remote locations,” he added.
With an aggressive approach to expanding renewable energy, including green hydrogen, NTPC aims for nearly 45-50 percent of its capacity to come from non-fossil fuels by 2030, with the medium-term target of putting in place 60 GW of renewable capacity by 2032.
While putting utmost thrust on renewable capacity addition, NTPC is also considering the development of around 7 GW of additional coal-based capacity as brownfield projects, said the CMD. “This is essential to meet the increasing power demand of the country. The commissioning of these capacities is planned in a phased manner, with the target timeframe set till 2030,” he said.
“Concurrently, NTPC plans to transform its thermal plants into chemical complexes for carbon capture and alternate fuel production, thus avoiding premature closures and reducing dependency on imported fossil fuels,” he added.