Mumbai, February 28, 2023: Under the aegis of the National Monetization Pipeline of Govt. of India, NTPC Limited (“NTPC”) completed the closing of the transactions in relation to consolidating its Renewable Energy (“RE”) portfolio under one umbrella entity i.e., NTPC Green Energy Limited (“NGEL”), on February 28, 2023.
This is a transfer of RE assets/ entities owned by NTPC to NGEL, its wholly-owned subsidiary, incorporated on April 07, 2022.
The transactions comprised of transfer of 15 RE Assets, through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NTPC Renewable Energy Limited (“NREL”), 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.