NTPC transfers 15 renewable energy assets to its subsidiary

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By  India Blooms News Service   Mar 01, 2023

Mumbai/IBNS: Under the aegis of the Centres National Monetization Pipeline, state-owned power utility major NTPC Ltd completed the transfer of 15 renewable energy assets to NTPC Green Energy Ltd.

NTPC Ltd completed the closing of the transactions in relation to consolidating its Renewable Energy portfolio under one umbrella entity i.e., NTPC Green Energy Limited (NGEL), on February 28, 2023, a statement said.

NGEL is NTPCs wholly-owned subsidiary and was incorporated on April 07, 2022.

The transaction was done through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NTPC Renewable Energy Ltd, a wholly-owned subsidiary of NTPC, through a Share Purchase Agreement (SPA), executed on July 08, 2022.

This scheme has been implemented as a part of the corporate business plan of the group to provide an impetus to its focus on achieving the 60 GW RE capacity target by FY32.