NTPC Green Energy Eyes 60 GW Renewable Capacity By 2032, Lists Target For Next Three Fiscals

NTPC Green Energy Ltd., the renewable energy arm of NTPC Ltd. which made its stock market debut on Wednesday, eyes a renewable energy capacity of 60 gigawatts by 2032, according to Jaikumar Srinivasan, the company's director of finance.

The public sector company's shares listed at Rs 111.5 apiece on the National Stock Exchange, marking a 3.2% premium over the upper end of the initial public offering price of Rs 108.

Sharing the target for next three fiscals, Srinivasan told NDTV Profit that NTPC Green plans capacity addition of 3 GW in 2025, 5 GW in 2026 and 8 GW in 2027.

The company has visibility on over 21 GW of projects, with 80% of future capacities planned in solar and 20% in wind energy, Srinavasan said.

The proceeds from the Rs 10,000-crore IPO—launched before the listing—will be utilised for debt repayment and subsequent capital expenditure, among other uses listed in the pre-issue documents, according to Srinivasan.

NTPC Green is also focused on cost-efficient growth, as it incurs Rs 5 crore per megawatt in solar energy and Rs 8 crore per MW in wind, Srinavasan noted, while adding that the solar segment has an Ebidta of Rs 65 lakh per MW.

NTPC Green is also exploring newer technologies, having initiated bids in the battery energy storage segment. Gurdeep Singh, chairman and managing director of NTPC Green Energy, said the company plans to invest in battery and pumped storage systems while pursuing long-term green hydrogen projects, expected to take 4–5 years to develop.

Recent collaborations, including a memorandum of understanding with Chhattisgarh for 2 GW that could expand to 10 GW, and joint ventures with states like Rajasthan, Maharashtra, and Andhra Pradesh, are expected to drive future growth, the chairman added.

Shares of the newly-listed company were locked in a 10% upper circuit at Rs 122.65 apiece as of 02:02 p.m., as compared to a 0.46% advance in the benchmark NSE Nifty 50.