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ICICI Direct Report
NTPC Ltd. has set aggressive renewables long term capacity addition target of 60000 megawatt by 2032, which was earlier pegged at 30000 MW. The company currently has 6500 MW of renewable projects in various stages. Out of this, 1600 MW has been commercialised and ~3500 MW will come under commissioning in the next 18 months.
The company expects to spend ~40% of total capex planned for FY22, FY23 on renewable projects. This share is going to further increase from FY25 beyond, which indicates very strong addition in renewable portfolio from FY24 onwards.
NTPC is expected to generate internal rate of returns in the range of 11-12% despite low renewable tariffs, which we believe is commendable.
The company may also unlock value in its renewable arm via an IPO over FY23-24, which will further provide a fillip to valuations.
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