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India's largest thermal power producer, the government-run NTPC Limited, is developing a green hydrogen hub entailing an investment of $21 billion. NTPC Green Energy Limited, a subsidiary of NTPC Limited, will develop the hub at Pudimadaka near the southern port town of Vishakhapatnam. The investment will include 20 gigawatts of renewable energy capacity to produce 1,500mt per day of green hydrogen. Additionally, the site will produce 7,500mt per day of derivatives including green methanol, green urea and sustainable aviation fuel, primarily targeting the export market. Once a site for an imported coal -fired power station, Pudimadaka is being converted into a clean energy hub, a sign of NTPC's increasing tilt towards clean energy.

Indian thermal power producer NTPC to construct $21 billion green hydrogen hub

NTPC Parmanu Urja Nigam Limited has been set up as a wholly-owned subsidiary of state-owned National Thermal Power Corporation Ltd. Meanwhile, NTPC and Nuclear Power Corporation of India Ltd have signed an agreement to enable the transfer of the Mahi Banswara Rajasthan four-unit nuclear project from NPCIL to the Ashvini joint venture. NTPC Parmanu Urja Nigam Limited (NPUNL) was incorporated on 7 January as a wholly-owned subsidiary of NTPC Limited. According to a filing by the company, the objective of NPUNL is "to carry on the business of planning and executing an integrated programme for harnessing and developing nuclear energy for generating electricity or other purposes on a commercial basis" as well as building, owning, operating and managing nuclear plants, promoting research and development, and selecting suitable sites for nuclear power stations and ancillary facilities.

India's NTPC sets up nuclear subsidiary

State-owned NTPC said it is setting up a 50 MW solar project in Sri Lanka in a joint venture (JV) with Ceylon Electricity Board. The project by the 50:50 JV named Trincomalee Power Company Limited (TPCL) is being set up at Sampoor in Trincomalee in the neighbouring island nation. The tariff for the 50 MW, extendable to 120 MW, has also been finalized after rounds of deliberations with various stakeholders in Sri Lanka, NTPC said. It has been set at 5.97 US cents per unit. This solar project will help diversify Sri Lanka's energy mix with a significant boost to the country's clean energy capacity and reduce dependence on fossil fuels. NTPC, under the Ministry of Power is India's largest power generation company.

NTPC JV Builds 50 MW Solar Project in Sri Lanka

The weak financial health of many of the state distribution utilities (discoms) continues to remain a cause of concern for NTPC. Few of the off-takers have started to liquidate their over dues to NTPC per plan in line with the Electricity Rules, 2022.

The various projects under implementation of NTPC expose it to the project execution/funding-related risks. The group’s aim to achieve 60 GW of renewable energy capacity by FY32 also exposes it to the risks related to completion of such projects without time or cost overruns. The project risks are also largely mitigated by the company’s proven track record in terms of execution skills and its policy to ensure the availability of land, water, coal, environmental clearances and PPAs prior to approval for investment. 

The issuer has made timely interest payments

Shri Gurdeep Singh, Chairman and MD

NTPC is the largest power generating company of India with an aggregate group installed capacity of 76.01 GW as on May 31, 2024, constituting ~17.15% of India’s total installed capacity. It accounted for more than one-fifth of the total generation in India in FY24. The group is a major player in coal-based thermal generation in India. Besides, it is well diversified in terms of customer base, type of fuel used for generation and geographical spread of its capacity.

The coal-based power stations of the NTPC group continued to be cost-competitive in terms of generation thus maintaining a sizable spread of ~7% over the national average PLF consistently. Driven by higher demand in FY24, PLF, on standalone basis, stood considerably higher than FY23 at 77.25% for the coal-based plants, which was higher than all India thermal PLF of 69.49%. The company’s solar and wind projects continue to supplement its total generation thereby diversifying the generation mix

The GoI continues to hold a majority stake in NTPC. The GoI provides adequate operational support. It is instrumental in the appointment of the board and the senior management and set its business plan. NTPC continues to enjoy the Maharatna status, a status providing greater autonomy to central public sector enterprises in their investments and capital expenditure decisions. NTPC is strategically important for the GoI for targeted capacity addition programmes under the Central Government sector and implementation of various Central Government schemes.

Security Name: 6.89% NTPC Limited 18 Jun 2035

ISIN:

INE733E08288

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Indian thermal power producer NTPC to construct $21 billion green hydrogen hub

India's NTPC sets up nuclear subsidiary

NTPC JV Builds 50 MW Solar Project in Sri Lanka

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