NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has issued unsecured non-convertible debentures of ₹15 billion (~$169.47 million) through private placement at a coupon of 7.01% per annum for a 10-year and one-day tenor, maturing on November 12, 2035.

The debenture issue was approved by the company’s board of directors on April 29, 2025.

This is the first debenture issue after the board’s approval.

NGEL stated that it will utilize the proceeds for financing its capital expenditure. This includes refinancing and recouping capital expenditures that the company has already incurred. NGEL will also utilize the proceeds to extend financing for capital expenditure to its subsidiaries and joint ventures through inter-corporate loans, as well as for other general corporate purposes.

The company said the debentures are proposed to be listed on the NSE.

NGEL currently has 34 commissioned projects and 38 more under execution. Its renewable energy installed capacity stands at 3.6 GW. The company is also executing renewable and hydro projects with a combined capacity exceeding 11 GW, while an additional 20 GW of projects are in various stages of tendering.

In October this year, NGEL announced the commencement of commercial operations of a 12.5 MW solar capacity at Bhuj, Gujarat. This capacity is part of a total 37.5 MW solar project being developed by Ayana Renewable Power Four, a subsidiary of Ayana Renewable Power.

Following this addition, NGEL’s total commercial capacity increased to  7,407.475 MW. The total installed capacity stands at 7,419.975 MW.

In September, NGEL commissioned 100 MW of renewable energy capacity of IRCON Renewable Power’s (IRPL) 500 MW project at the Pavagada Solar Park in Karnataka. IRPL’s parent company, Ircon International, had won the 500 MW capacity at the Indian Renewable Energy Development Agency’s 2021 auction to set up 5 GW grid-connected solar projects.

In July, the Cabinet Committee on Economic Affairs authorized NTPC to invest up to ₹200 billion (~$2.32 billion) in NTPC Green Energy and NTPC Renewable Energy, as well as other joint ventures.