NTPC gains marginally on JV with Indian Oil Corp

NTPC Green Energy, a wholly owned subsidiary of NTPC, has incorporated a new company in a 50:50 JV with Indian Oil Corporation, in the name of Indianoil NTPC Green Energy.

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Shares of NTPC gained one percent on June 5 after the company announced that its wholly owned subsidiary has formed a Joint Venture (JV) company with Indian Oil Corporation. At 09:18 am, shares of NTPC were trading 0.8 percent higher at Rs 175.7 on the BSE.

NTPC Green Energy, a wholly owned subsidiary of NTPC, has incorporated a new company in a 50:50 JV with the Indian Oil Corporation, in the name of Indianoil NTPC Green Energy. The incorporation date of JV company is June 2, 2023, the company said in an exchange filing.

The JV company will develop Renewable Energy (RE) based power projects such as Solar PV, Wind, any other RE, Energy Storage, or any combination of the same, to supply 650 MW or more renewable power on a round-the-clock basis, to cater to the requirement of the Indian Oil Corporation, NTPC added.

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Recently, Ohmium International, a leading green hydrogen company, which designs, manufactures, and deploys advanced Proton Exchange Membrane (PEM) electrolysers, announced on June 1 that its India-based subsidiary has been selected as the PEM electrolyser partner of NTPC Renewable Energy Limited (NTPC-REL), the renewable energy subsidiary of NTPC. This green hydrogen opportunity is the largest-ever PEM electrolyser deal in India and one of the largest globally.

Analysts expect higher capital expenditure for the renewable energy portfolio boosting NTPC’s growth. According to Elara Securities, the power generation company’s stock is trading at a historically low valuation of 0.9 times the FY25 price-to-book ratio, which seems attractive.

The company has a RE capacity addition target of 16 GW over the next three years. The breakup of the company’s RE projects portfolio is — 3.3 GW commissioned, 4.6 GW under construction, and 12.6 GW under pipeline.

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