NTPC Green Energy has received approval from the Securities and Exchange Board of India (SEBI) to float its initial public offering (IPO) of equity shares.

The company filed the draft IPO papers with SEBI on September 20, 2024.

The IPO will comprise a fresh issue of up to 10,000 equity shares of face value of ₹10 (~$0.12) each aggregating up to ₹100 billion (~$1.18 billion). There is no offer for sale in this IPO.

The net proceeds will be invested in NTPC Renewable Energy (NREL) to repay, in whole or part, the company’s outstanding borrowings availed by NREL, amounting to ₹75 billion (~895.78 million). The remaining ₹25 million (~$298.59 million) will be used for general corporate purposes, including funding of strategic initiatives, partnerships, joint ventures and acquisitions, capital expenditure, interest payment, and business development initiatives.

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

In the first quarter of the financial year 2025, NTPC Green earned ₹5.58 billion (~$66.64 million) from renewable energy sales.

The company has solar and wind projects in more than six states in India. As of August 31, 2024, the operational capacity for solar projects was 3,701 MW, and for wind projects, it was 100 MW.

Suzlon Group, a renewable energy solutions provider, secured a 1,166 MW order from NTPC Green Energy to install 370 wind turbine generators of the S144 model, each with a rated capacity of 3.15 MW, in September 2024. These turbines will be deployed across two NTPC renewable energy projects and one Indian Oil-NTPC Green Energy project in Gujarat.

In April, NTPC Green Energy invited bids from qualified coordinating agencies to provide all forecasting and scheduling-related services for the 130 MW Bhadla Solar power project.