NTPCGREEN
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India's Assam state pauses green hydrogen policy in setback to investors, sources say
By Sethuraman N R and Sudarshan Varadhan
July 11 (Reuters) - India's northeastern state of Assam has put its flagship green hydrogen policy on hold, government and industry sources said, surprising investors already hit by a cut in incentives for clean energy projects.
The state, the largest in the northeast, has sought to attract major investments in a region that has lagged behind much of the country in renewable energy adoption, offering financial incentives and waivers to bring in electricity.
Energy firms, including NTPC Green NTPG.NS, Larsen And Toubro LART.NS, Singapore-listed Sembcorp SCIL.SI, and Abu Dhabi-based Ocior, expressed initial interest in bidding for green hydrogen projects in Assam, four sources familiar with the matter told Reuters.
Assam's decision to pause the green hydrogen policy surprised some of the companies, forcing them to recalibrate potential returns and investment plans worth millions of dollars, three of the sources said.
The state is now working on a new draft policy, which is expected by the end of this month, the government official said.
The companies did not respond to Reuters' emails seeking comment. The industry officials and sources declined to be identified as they are not authorised to speak on the matter.
Green hydrogen is produced using clean electricity and is seen as a decarbonisation tool to help limit global warming.
"Every state keeps on revising its policy and what incentive it can give based on the demand and requirement," Krishna Kumar Dwivedi, principal secretary at Assam's power department, said without elaborating.
He did not provide details on why Assam is holding back on the policy or the reasons for cuts in previously announced incentives.
The clean energy policy was first unveiled in February. In June, Assam sharply reduced transmission subsidies and increased bank guarantees in its solar policy compared to the initial framework.
"Investors look for long-term stability even if policies aren't best designed," said Debabrat Ghosh, head of India at Aurora Energy Research.
An official from a large Indian renewables developer said the lack of renewable energy sources in Assam will make green hydrogen projects in the state dependent on its neighbours for power, which will drive up costs and lower competition.
"Without adequate subsidies for transmission, power costs could be 10%-15% higher. Unless such costs are reduced, Assam will fall behind other states with more competitive policies," the official said.
(Reporting by Sethuraman NR; Editing by Sonia Cheema)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
By Sethuraman N R and Sudarshan Varadhan
July 11 (Reuters) - India's northeastern state of Assam has put its flagship green hydrogen policy on hold, government and industry sources said, surprising investors already hit by a cut in incentives for clean energy projects.
The state, the largest in the northeast, has sought to attract major investments in a region that has lagged behind much of the country in renewable energy adoption, offering financial incentives and waivers to bring in electricity.
Energy firms, including NTPC Green NTPG.NS, Larsen And Toubro LART.NS, Singapore-listed Sembcorp SCIL.SI, and Abu Dhabi-based Ocior, expressed initial interest in bidding for green hydrogen projects in Assam, four sources familiar with the matter told Reuters.
Assam's decision to pause the green hydrogen policy surprised some of the companies, forcing them to recalibrate potential returns and investment plans worth millions of dollars, three of the sources said.
The state is now working on a new draft policy, which is expected by the end of this month, the government official said.
The companies did not respond to Reuters' emails seeking comment. The industry officials and sources declined to be identified as they are not authorised to speak on the matter.
Green hydrogen is produced using clean electricity and is seen as a decarbonisation tool to help limit global warming.
"Every state keeps on revising its policy and what incentive it can give based on the demand and requirement," Krishna Kumar Dwivedi, principal secretary at Assam's power department, said without elaborating.
He did not provide details on why Assam is holding back on the policy or the reasons for cuts in previously announced incentives.
The clean energy policy was first unveiled in February. In June, Assam sharply reduced transmission subsidies and increased bank guarantees in its solar policy compared to the initial framework.
"Investors look for long-term stability even if policies aren't best designed," said Debabrat Ghosh, head of India at Aurora Energy Research.
An official from a large Indian renewables developer said the lack of renewable energy sources in Assam will make green hydrogen projects in the state dependent on its neighbours for power, which will drive up costs and lower competition.
"Without adequate subsidies for transmission, power costs could be 10%-15% higher. Unless such costs are reduced, Assam will fall behind other states with more competitive policies," the official said.
(Reporting by Sethuraman NR; Editing by Sonia Cheema)
(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))
BREAKINGVIEWS-India's green energy buyout portends dark clouds
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add topic code.
By Shritama Bose
MUMBAI, July 8 (Reuters Breakingviews) - Dark clouds are gathering over India's renewable energy boom. A global consortium last week raised its offer to take ReNew Energy RNW.O, the country's second-largest green power producer, private from New York. But the implied $10 billion valuation is a discount to peers trading in Mumbai. Even with the prospect of a relisting back home, the buyers can drive a hard bargain.
The latest offer of $8 per share is a measly 13% increase from a December proposal and values the target's enterprise at just under 7 times its forecast next-fiscal year EBITDA, per LSEG. That's well below the 19 times at larger rival Adani Green ADNA.NS, which trades in Mumbai.
That will be a disappointment for minority shareholders, who own 36% of the company. Worse, the buyer group, including ReNew founder and CEO Sumant Sinha and the Canada Pension Plan Investment Board, insists this is a final offer and that it will give investors "immediate liquidity and value certainty not available in public markets".
They may have a point. ReNew listed in 2021 on Nasdaq via a special purpose acquisition company, and its shares have been underwater since, prompting Sinha to complain that public markets value renewable energy businesses poorly. Moreover, no other bidders have emerged, strengthening the consortium's hand.
And it will not be lost on investors that the target's peers, though richly valued, are losing their shine. Once stock market darlings, Adani Green Energy, state-backed NTPC Green NTPG.NS and others have all underperformed the broader Indian market this year; as recently as February, Adani Green's enterprise traded on over 40 times forward EBITDA. That might dim prospects of a quick relisting at home for ReNew.
Increasing concerns of overcapacity in India's booming green power sector are probably to blame. The government issued a record 73 gigawatts of utility-scale renewable energy tenders last year, but undersubscriptions, cancellations, delays plus a backlog of unsigned power purchasing agreements are all also rising, according to the Institute for Energy Economics and Financial Analysis. In May, spot power prices in the country dropped to zero for the first time, due to a glut of solar generation.
Against this moody backdrop, ReNew's long-suffering shareholders may be ready for an exit.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
A consortium of shareholders in Nasdaq-listed green power producer ReNew Energy Global on July 2 made a final non-binding offer to take the company private. The group raised its offer to $8 per share from the $7.07 it had proposed in December.
The new offer represents a 17.5% premium to the last traded price and values the company's equity at nearly $3 billion, according to Breakingviews calculations.
Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and ReNew Chair Sumant Sinha, who control a combined 64% of shareholder votes in the company, are members of the consortium. United Arab Emirates-based Masdar joined the group as a new investor.
The revised proposal will give shareholders "immediate liquidity and value certainty not available in public markets", the consortium said in a letter to ReNew's board.
India's green energy producers have underperformed this year https://www.reuters.com/graphics/BRV-BRV/jnpwbyzmzvw/chart.png
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Refiles to add topic code.
By Shritama Bose
MUMBAI, July 8 (Reuters Breakingviews) - Dark clouds are gathering over India's renewable energy boom. A global consortium last week raised its offer to take ReNew Energy RNW.O, the country's second-largest green power producer, private from New York. But the implied $10 billion valuation is a discount to peers trading in Mumbai. Even with the prospect of a relisting back home, the buyers can drive a hard bargain.
The latest offer of $8 per share is a measly 13% increase from a December proposal and values the target's enterprise at just under 7 times its forecast next-fiscal year EBITDA, per LSEG. That's well below the 19 times at larger rival Adani Green ADNA.NS, which trades in Mumbai.
That will be a disappointment for minority shareholders, who own 36% of the company. Worse, the buyer group, including ReNew founder and CEO Sumant Sinha and the Canada Pension Plan Investment Board, insists this is a final offer and that it will give investors "immediate liquidity and value certainty not available in public markets".
They may have a point. ReNew listed in 2021 on Nasdaq via a special purpose acquisition company, and its shares have been underwater since, prompting Sinha to complain that public markets value renewable energy businesses poorly. Moreover, no other bidders have emerged, strengthening the consortium's hand.
And it will not be lost on investors that the target's peers, though richly valued, are losing their shine. Once stock market darlings, Adani Green Energy, state-backed NTPC Green NTPG.NS and others have all underperformed the broader Indian market this year; as recently as February, Adani Green's enterprise traded on over 40 times forward EBITDA. That might dim prospects of a quick relisting at home for ReNew.
Increasing concerns of overcapacity in India's booming green power sector are probably to blame. The government issued a record 73 gigawatts of utility-scale renewable energy tenders last year, but undersubscriptions, cancellations, delays plus a backlog of unsigned power purchasing agreements are all also rising, according to the Institute for Energy Economics and Financial Analysis. In May, spot power prices in the country dropped to zero for the first time, due to a glut of solar generation.
Against this moody backdrop, ReNew's long-suffering shareholders may be ready for an exit.
Follow Shritama Bose on Linkedin and X.
CONTEXT NEWS
A consortium of shareholders in Nasdaq-listed green power producer ReNew Energy Global on July 2 made a final non-binding offer to take the company private. The group raised its offer to $8 per share from the $7.07 it had proposed in December.
The new offer represents a 17.5% premium to the last traded price and values the company's equity at nearly $3 billion, according to Breakingviews calculations.
Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and ReNew Chair Sumant Sinha, who control a combined 64% of shareholder votes in the company, are members of the consortium. United Arab Emirates-based Masdar joined the group as a new investor.
The revised proposal will give shareholders "immediate liquidity and value certainty not available in public markets", the consortium said in a letter to ReNew's board.
India's green energy producers have underperformed this year https://www.reuters.com/graphics/BRV-BRV/jnpwbyzmzvw/chart.png
(Editing by Robyn Mak; Production by Ujjaini Dutta)
((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))
India's NTPC Green posts bigger quarterly profit on higher power sales, interest income
May 21 (Reuters) - India's NTPC Green Energy NTPG.NS, the renewable energy arm of power producer NTPC NTPC.NS, reported a nearly three-fold increase in fourth-quarter profit on Wednesday, driven by higher power sales and interest income, sending its shares up 3%.
The company, which made its stock market debut in November last year, said its profit rose to 2.33 billion rupees ($27.2 million) in the quarter ended March 31, from 809.5 million rupees a year earlier.
Indian companies are ramping up renewable energy investments and expanding their green portfolios as the country aims to build at least 500 gigawatts (GW) of clean energy capacity by 2030 to curb carbon emissions.
NTPC Green said revenue from operations increased to 6.22 billion rupees, from 5.08 billion rupees in the same period last year.
The company, which raised $1.2 billion in its IPO, also reported a threefold jump in interest income from IPO proceeds deposited in banks.
NTPC Green currently has an operational portfolio of about 4 GW, with 20 GW under construction, and is targeting 60 gigawatts (GW) of renewable energy capacity by fiscal 2032.
Its shares closed up 2.93% at 106.16 rupees on the day. They have lost about 5% since the IPO.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza)
(([email protected];))
May 21 (Reuters) - India's NTPC Green Energy NTPG.NS, the renewable energy arm of power producer NTPC NTPC.NS, reported a nearly three-fold increase in fourth-quarter profit on Wednesday, driven by higher power sales and interest income, sending its shares up 3%.
The company, which made its stock market debut in November last year, said its profit rose to 2.33 billion rupees ($27.2 million) in the quarter ended March 31, from 809.5 million rupees a year earlier.
Indian companies are ramping up renewable energy investments and expanding their green portfolios as the country aims to build at least 500 gigawatts (GW) of clean energy capacity by 2030 to curb carbon emissions.
NTPC Green said revenue from operations increased to 6.22 billion rupees, from 5.08 billion rupees in the same period last year.
The company, which raised $1.2 billion in its IPO, also reported a threefold jump in interest income from IPO proceeds deposited in banks.
NTPC Green currently has an operational portfolio of about 4 GW, with 20 GW under construction, and is targeting 60 gigawatts (GW) of renewable energy capacity by fiscal 2032.
Its shares closed up 2.93% at 106.16 rupees on the day. They have lost about 5% since the IPO.
(Reporting by Yagnoseni Das in Bengaluru; Editing by Savio D'Souza)
(([email protected];))
NTPC Green Energy Commercializes 60 MW Solar Capacity
May 2 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
COMMERCIALIZES 60 MW SOLAR CAPACITY
Source text: ID:nBSEc0J49X
Further company coverage: NTPG.NS
(([email protected];;))
May 2 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
COMMERCIALIZES 60 MW SOLAR CAPACITY
Source text: ID:nBSEc0J49X
Further company coverage: NTPG.NS
(([email protected];;))
NTPC Green Energy Says 75 MW Capacity Of Ircon Renewable Power Plant Declared Operational
May 1 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY LTD - 75 MW CAPACITY OF IRCON RENEWABLE POWER PLANT DECLARED OPERATIONAL
Further company coverage: NTPG.NS
(([email protected];))
May 1 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY LTD - 75 MW CAPACITY OF IRCON RENEWABLE POWER PLANT DECLARED OPERATIONAL
Further company coverage: NTPG.NS
(([email protected];))
NTPC Green Energy To Consider Borrowing Up To 50 Bln Rupees During Financial Year 2025-26
April 24 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
TO CONSIDER BORROWING UP TO 50 BILLION RUPEES DURING FINANCIAL YEAR 2025-26
TO CONSIDER BORROWING BY ISSUING DEBENTURES (BONDS/ NCDS) IN ONE OR MORE TRANCHES
Source text: ID:nBSEbnwzvD
Further company coverage: NTPG.NS
(([email protected];;))
April 24 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
TO CONSIDER BORROWING UP TO 50 BILLION RUPEES DURING FINANCIAL YEAR 2025-26
TO CONSIDER BORROWING BY ISSUING DEBENTURES (BONDS/ NCDS) IN ONE OR MORE TRANCHES
Source text: ID:nBSEbnwzvD
Further company coverage: NTPG.NS
(([email protected];;))
NTPC Green Energy Says 90 MW Of Dayapar Wind Energy Project Phase-I Declared Operational
April 8 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
90 MW OF DAYAPAR WIND ENERGY PROJECT PHASE-I DECLARED OPERATIONAL
Source text: ID:nBSE2mZHcd
Further company coverage: NTPG.NS
(([email protected];;))
April 8 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
90 MW OF DAYAPAR WIND ENERGY PROJECT PHASE-I DECLARED OPERATIONAL
Source text: ID:nBSE2mZHcd
Further company coverage: NTPG.NS
(([email protected];;))
Ntpc Green Energy Says Shajapur Solar Project Declared Commercial Operation
March 12 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
SHAJAPUR SOLAR PROJECT IS DECLARED ON COMMERCIAL OPERATION
Source text: ID:nBSE92xrVr
Further company coverage: NTPG.NS
(([email protected];))
March 12 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
SHAJAPUR SOLAR PROJECT IS DECLARED ON COMMERCIAL OPERATION
Source text: ID:nBSE92xrVr
Further company coverage: NTPG.NS
(([email protected];))
India's NTPC plans to invest more than $23 billion on renewable energy in Madhya Pradesh
Feb 24 (Reuters) - Indian state power company NTPC NTPC.NS will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.
The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India's push to move away from fossil fuels.
The company and its unit NTPC Green Energy NTPG.NS signed agreements with the state government for the investments covering projects based on solar, wind, pump hydro and other carbon neutral sources. Time period for the investments were not given.
One of the projects was to set up capacity of up to 20 gigawatts for 1.2 trillion rupees of investment.
The company will invest the remaining amount in setting up 800 megawatts of pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
Separately, Adani Group on Monday also announced investments worth 1.1 trillion rupees in the state in hydroelectric power storage, cement, mining, smart meters, and thermal energy.
The group is also in talks with the state government to invest another 1 trillion rupees for a smart city, an airport and a coal gasification project.
($1 = 86.6820 Indian rupees)
(Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru; Editing by Leroy Leo)
(([email protected];))
Feb 24 (Reuters) - Indian state power company NTPC NTPC.NS will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.
The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India's push to move away from fossil fuels.
The company and its unit NTPC Green Energy NTPG.NS signed agreements with the state government for the investments covering projects based on solar, wind, pump hydro and other carbon neutral sources. Time period for the investments were not given.
One of the projects was to set up capacity of up to 20 gigawatts for 1.2 trillion rupees of investment.
The company will invest the remaining amount in setting up 800 megawatts of pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
Separately, Adani Group on Monday also announced investments worth 1.1 trillion rupees in the state in hydroelectric power storage, cement, mining, smart meters, and thermal energy.
The group is also in talks with the state government to invest another 1 trillion rupees for a smart city, an airport and a coal gasification project.
($1 = 86.6820 Indian rupees)
(Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru; Editing by Leroy Leo)
(([email protected];))
NTPC Green Energy Inks MoU With Bharat Light And Power
Feb 20 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY INKS MOU WITH BHARAT LIGHT AND POWER
MOU FOR PACING GREEN ENERGY OBJECTIVES, CARBON NEUTRAL ECONOMY
MOU TO JOINTLY EXPLORE OFF-TAKE OF GREEN HYDROGEN
NGEL TO SET UP INFRASTRUCTURE FOR GREEN HYDROGEN PROJECT
Source text: [ID:]
Further company coverage: NTPG.NS
(([email protected];;))
Feb 20 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY INKS MOU WITH BHARAT LIGHT AND POWER
MOU FOR PACING GREEN ENERGY OBJECTIVES, CARBON NEUTRAL ECONOMY
MOU TO JOINTLY EXPLORE OFF-TAKE OF GREEN HYDROGEN
NGEL TO SET UP INFRASTRUCTURE FOR GREEN HYDROGEN PROJECT
Source text: [ID:]
Further company coverage: NTPG.NS
(([email protected];;))
India's ONGC-NTPC Green Energy joint venture to buy Ayana Renewable (Feb 12)
Corrects company name in paragraph 4 to British International Investment from British International Investment Fund
Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power, which operates solar and wind plants.
Ayana is valued at $2.3 billion including debt, ONGC said in a statement.
The 50-50 joint venture outbid JSW Energy JSWE.NS for the renewable energy firm, Reuters had reported in November, citing sources.
Ayana, owned by quasi-sovereign wealth fund National Investment and Infrastructure Fund, British International Investment and Green Growth Equity Fund, operates plants that produce 1,600 megawatts in India and has another 2,500 megawatts in such projects under construction.
The acquisition comes at a time when large power producers in India are betting big on renewables and making pledges to expand their green energy capacities.
The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.
(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
Corrects company name in paragraph 4 to British International Investment from British International Investment Fund
Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power, which operates solar and wind plants.
Ayana is valued at $2.3 billion including debt, ONGC said in a statement.
The 50-50 joint venture outbid JSW Energy JSWE.NS for the renewable energy firm, Reuters had reported in November, citing sources.
Ayana, owned by quasi-sovereign wealth fund National Investment and Infrastructure Fund, British International Investment and Green Growth Equity Fund, operates plants that produce 1,600 megawatts in India and has another 2,500 megawatts in such projects under construction.
The acquisition comes at a time when large power producers in India are betting big on renewables and making pledges to expand their green energy capacities.
The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.
(Reporting by Hritam Mukherjee and Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
India's ONGC-NTPC Green Energy joint venture to buy Ayana Renewable
Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power Pvt Ltd.
Ayana is valued at $2.3 billion including debt, ONGC said in a statement.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
Feb 12 (Reuters) - State-owned explorer Oil and Natural Gas Corporation (ONGC) ONGC.NS said on Wednesday that its joint venture with utility firm NTPC Green Energy NTPG.NS will acquire Ayana Renewable Power Pvt Ltd.
Ayana is valued at $2.3 billion including debt, ONGC said in a statement.
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)
(([email protected]; X: @MukherjeeHritam;))
NTPC Green Energy Says NTPC Renewable Energy Wins 300MW Solar Project In NHPC Tender
Jan 24 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC RENEWABLE ENERGY WINS 300MW SOLAR PROJECT IN NHPC TENDER
Source text: ID:nBSE9T62Mm
Further company coverage: NTPG.NS
(([email protected];;))
Jan 24 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC RENEWABLE ENERGY WINS 300MW SOLAR PROJECT IN NHPC TENDER
Source text: ID:nBSE9T62Mm
Further company coverage: NTPG.NS
(([email protected];;))
BREAKINGVIEWS-India’s green power producers will get a shakeout
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Dec 24 (Reuters Breakingviews) - Dealmaking is coming for India’s renewable energy industry in 2025. More than a dozen generators of wind and solar power are looking for new owners as private equity-style firms like Brookfield Asset Management, as well as industry players like Siemens and Enel, look for an exit. Despite New Delhi’s target of renewables providing half the country’s electricity by 2030, success isn’t assured.
Hitting that goal will require around $200 billion of investment, analysts at Nomura reckon. But companies are getting finicky about deploying capital in a market where tariffs for solar power – the single largest subcategory – have moved in a narrow range since 2019.
Sellers may be overly optimistic on valuations, too. Investment fund owners like Brookfield, GIC and Macquarie spent much of 2024 scouting for and haggling with prospective buyers. India’s Inox Wind hinted on an earnings call in October that the Siemens Gamesa wind assets it took a look at were overpriced.
Some deals are set for completion after months of wrangling. A unit of Malaysia’s Petronas has agreed to buy part of Brookfield’s portfolio for $900 million, the Economic Times reported in November. Other potential buyers include JSW Energy’s JSWE.NS renewables unit and Singapore’s Sembcorp. Perhaps the biggest test will be what happens to GIC’s 50% stake in Greenko, which has 7.5 gigawatts of net installed capacity; Bloomberg reported in October that the Singapore sovereign wealth fund was considering selling part or all of its holdings.
Those who cannot secure an industry sale do have another option: an initial public offering. Public markets in India are now seen as mature enough to buy into companies in emerging sectors with earnings some way off. That’s a far cry from 2021 when ReNew Energy RNW.O, the country’s second-largest green power producer by capacity, went public on Nasdaq by merging with a blank-cheque company.
State-owned NTPC Green Energy’s NTPG.NS strong public market debut in late 2024 will buoy sentiment. A listing may work best for companies that have scaled up to a couple of gigawatts, such as Brookfield-backed CleanMax, and Hero Future Energies, whose sponsors include KKR KKR.N. It could be harder for firms with smaller amounts of installed capacity and less or no cash flow.
The coming shakeout in Indian renewables will reveal whose capital New Delhi might be able to rely on as its 2030 goal looms.
Follow @ShritamaBose on X
This is a Reuters Breakingviews prediction for 2025. To read more of our predictions, click here.
Graphic: India may surpass its 2030 green grid target https://reut.rs/4iBo2xO
(Editing by Antony Currie and Oliver Taslic)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
The author is a Reuters Breakingviews columnist. The opinions expressed are her own.
By Shritama Bose
MUMBAI, Dec 24 (Reuters Breakingviews) - Dealmaking is coming for India’s renewable energy industry in 2025. More than a dozen generators of wind and solar power are looking for new owners as private equity-style firms like Brookfield Asset Management, as well as industry players like Siemens and Enel, look for an exit. Despite New Delhi’s target of renewables providing half the country’s electricity by 2030, success isn’t assured.
Hitting that goal will require around $200 billion of investment, analysts at Nomura reckon. But companies are getting finicky about deploying capital in a market where tariffs for solar power – the single largest subcategory – have moved in a narrow range since 2019.
Sellers may be overly optimistic on valuations, too. Investment fund owners like Brookfield, GIC and Macquarie spent much of 2024 scouting for and haggling with prospective buyers. India’s Inox Wind hinted on an earnings call in October that the Siemens Gamesa wind assets it took a look at were overpriced.
Some deals are set for completion after months of wrangling. A unit of Malaysia’s Petronas has agreed to buy part of Brookfield’s portfolio for $900 million, the Economic Times reported in November. Other potential buyers include JSW Energy’s JSWE.NS renewables unit and Singapore’s Sembcorp. Perhaps the biggest test will be what happens to GIC’s 50% stake in Greenko, which has 7.5 gigawatts of net installed capacity; Bloomberg reported in October that the Singapore sovereign wealth fund was considering selling part or all of its holdings.
Those who cannot secure an industry sale do have another option: an initial public offering. Public markets in India are now seen as mature enough to buy into companies in emerging sectors with earnings some way off. That’s a far cry from 2021 when ReNew Energy RNW.O, the country’s second-largest green power producer by capacity, went public on Nasdaq by merging with a blank-cheque company.
State-owned NTPC Green Energy’s NTPG.NS strong public market debut in late 2024 will buoy sentiment. A listing may work best for companies that have scaled up to a couple of gigawatts, such as Brookfield-backed CleanMax, and Hero Future Energies, whose sponsors include KKR KKR.N. It could be harder for firms with smaller amounts of installed capacity and less or no cash flow.
The coming shakeout in Indian renewables will reveal whose capital New Delhi might be able to rely on as its 2030 goal looms.
Follow @ShritamaBose on X
This is a Reuters Breakingviews prediction for 2025. To read more of our predictions, click here.
Graphic: India may surpass its 2030 green grid target https://reut.rs/4iBo2xO
(Editing by Antony Currie and Oliver Taslic)
((For previous columns by the author, Reuters customers can click on BOSE/
[email protected]))
India's NTPC Green Energy gains on deal for renewable projects
** Shares of NTPC Green Energy NTPG.NS rise 2.2% to 135.4 rupees
** NTPG on track to snap five-day losing streak
** The utility signs memorandum of understanding with Department of Industries, Government of Bihar for renewable energy projects; no financials disclosed
** Stock up 6% so far in Dec
(Reporting by Ashna Teresa Britto in Bengaluru)
** Shares of NTPC Green Energy NTPG.NS rise 2.2% to 135.4 rupees
** NTPG on track to snap five-day losing streak
** The utility signs memorandum of understanding with Department of Industries, Government of Bihar for renewable energy projects; no financials disclosed
** Stock up 6% so far in Dec
(Reporting by Ashna Teresa Britto in Bengaluru)
India's NTPC Green Energy gains after unit wins contract
** Shares of NTPC Green Energy NTPG.NS rise 2.3% to 150.1 rupees
** The renewable energy utilities maker said its unit NTPC Renewable Energy won 500 mega watt solar power contract in Solar Energy Corporation of India (SECI) auction
** Co did not disclose the financial terms of the contract
** Stock on track for fourth straight day of gains
** Stock has gained 41% since listing in late November
(Reporting by Ashna Teresa Britto in Bengaluru)
** Shares of NTPC Green Energy NTPG.NS rise 2.3% to 150.1 rupees
** The renewable energy utilities maker said its unit NTPC Renewable Energy won 500 mega watt solar power contract in Solar Energy Corporation of India (SECI) auction
** Co did not disclose the financial terms of the contract
** Stock on track for fourth straight day of gains
** Stock has gained 41% since listing in late November
(Reporting by Ashna Teresa Britto in Bengaluru)
NTPC Green Energy Wins 500 MW Solar Power Contract In SECI Auction
Dec 10 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY - WINS 500 MW SOLAR POWER CONTRACT IN SECI AUCTION
NTPC GREEN ENERGY - CO TO SET UP ENERGY STORAGE SYSTEM OF 250 MW/1000 MWH
Source text: ID:nBSE1mYCN2
Further company coverage: NTPG.NS
(([email protected];))
Dec 10 (Reuters) - NTPC Green Energy Ltd NTPG.NS:
NTPC GREEN ENERGY - WINS 500 MW SOLAR POWER CONTRACT IN SECI AUCTION
NTPC GREEN ENERGY - CO TO SET UP ENERGY STORAGE SYSTEM OF 250 MW/1000 MWH
Source text: ID:nBSE1mYCN2
Further company coverage: NTPG.NS
(([email protected];))
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What does NTPC Green Energy do?
NTPC Green Energy is a wholly owned subsidiary of NTPC, a ‘Maharatna’ central public sector enterprise. The company is mainly engaged in the activity of developing, building, owning, operating and maintaining utility scale grid connected solar and wind power projects (through O&M operations and in-house engineering).
Who are the competitors of NTPC Green Energy?
NTPC Green Energy major competitors are Adani Green Energy, JSW Energy, Tata Power, Inox Wind -Amalgamat, NHPC, Torrent Power, Neyveli Lignite. Market Cap of NTPC Green Energy is ₹92,732 Crs. While the median market cap of its peers are ₹89,140 Crs.
Is NTPC Green Energy financially stable compared to its competitors?
NTPC Green Energy seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does NTPC Green Energy pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. NTPC Green Energy latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%
How has NTPC Green Energy allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Capital Work in Progress
How strong is NTPC Green Energy balance sheet?
Balance sheet of NTPC Green Energy is moderately strong, But short term working capital might become an issue for this company.
Is the profitablity of NTPC Green Energy improving?
Yes, profit is increasing. The profit of NTPC Green Energy is ₹435 Crs for TTM, ₹345 Crs for Mar 2024 and ₹171 Crs for Mar 2023.
Is the debt of NTPC Green Energy increasing or decreasing?
Yes, The net debt of NTPC Green Energy is increasing. Latest net debt of NTPC Green Energy is ₹14,455 Crs as of Mar-25. This is greater than Mar-24 when it was ₹11,852 Crs.
Is NTPC Green Energy stock expensive?
NTPC Green Energy is not expensive. Latest PE of NTPC Green Energy is 195, while 3 year average PE is 254. Also latest EV/EBITDA of NTPC Green Energy is 59.04 while 3yr average is 60.26.
Has the share price of NTPC Green Energy grown faster than its competition?
There is not enough historical data for the companies share price.
Is the promoter bullish about NTPC Green Energy?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in NTPC Green Energy is 89.01% and last quarter promoter holding is 89.01%.
Are mutual funds buying/selling NTPC Green Energy?
The mutual fund holding of NTPC Green Energy is decreasing. The current mutual fund holding in NTPC Green Energy is 3.4% while previous quarter holding is 3.61%.