15 renewable energy assets transferred by NTPC to NGEL for Rs 100 bn

The world's largest energy company NTPC said it has successfully transferred 15 renewable energy assets to NTPC Green Energy Limited (NGEL) to the tune of Rs 100 billion. Also, a regulatory filing states that the company NGEL has sold its entire ownership in NTPC Renewable Energy for Rs 7.31 billion. According to NTPC, a business transfer agreement, signed on July 8, 2022, has successfully transferred 15 renewable energy assets to NGEL, a wholly owned subsidiary. Rs 100 billion in total was the compensation for the transfer of the 15 assets, it continued. Under a share purchase agreement, the company also completed the transfer of all shares in NTPC Renewable Energy to NGEL.

NTPC is India's largest energy conglomerate with roots planted as early as 1975 to accelerate power development in India. Since then, it has established itself as the dominant power powerhouse with a presence throughout the value chain of its power generation activities. From fossil fuels, it has moved to generating electricity through hydropower, nuclear power and renewable energy sources. This outing will play an important role in reducing the carbon footprint by reducing greenhouse gas emissions. To strengthen its core business, the company has diversified in consultancy, energy trading, training of energy professionals, rural electrification, ash use and coal mining.