NHPC eyes IPO, stake sale of clean energy arm
NHPC Ltd plans to take its clean energy subsidiary NHPC Renewable Energy Ltd (NREL) public or sell its stake to strategic investors through private placements in two-three years, Rajendra Prasad Goyal, director, finance, NHPC, said in an interview. The hydropower major is looking to add solar capacity, and once the projects in the pipeline are commissioned, they will be moved to NREL. Currently, NHPC’s green energy projects, primarily comprising solar power, are under the parent company, though the green energy subsidiary was incorporated in February 2022 for developing its renewable, small hydro and green hydrogen portfolio.“Our plan is to first develop projects under NHPC, and then we will demerge these projects and shift them to NHPC Renewable and then list the company, or bring in strategic investors to create more value.
It will take two-three years. We will first add capacity and shift the projects," said Goyal. The three solar projects totalling 1,000 megawatt (MW), under the Central Public Sector Undertaking scheme, will be commissioned by FY25.
Under the scheme for setting up of grid-connected solar photovoltaic (PV) power projects by government producers, the Centre provides viability gap funding support. Last year, NHPC signed contracts for three projects with cumulative capacity of 1,000 MW with engineering, procurement and construction (EPC) players under the scheme, including the 600 MW unit in Gujarat to Adani Infra (India), 300 MW in Rajasthan to Tata Power and 100 MW in Andhra Pradesh to the SSEL-ASR joint venture. “We contracted the 1,000 MW to thhree contractors.
Construction is underway in the Bikaner project for 300 MW. In other two projects, construction is yet to start. This 1 GW will be
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