NTPC Green Energy Limited (NGEL) has announced the complete utilization of its Rs 10,000 crore Initial Public Offering (IPO) proceeds, according to a monitoring agency report by CARE Ratings Limited for the quarter ended September 30, 2025. The report, which provides an objective view of the funds' utilization, indicates that the company has adhered to its stated objectives without any deviations.

Breakdown of Fund Allocation

The IPO proceeds were allocated as follows:

Key Utilizations

Investment in NREL

• Rs 7,500.00 crore was invested in NTPC Renewable Energy Limited (NREL), a wholly-owned subsidiary, for repayment or prepayment of certain outstanding borrowings.

General Corporate Purposes

• Rs 2,352.86 crore was invested in ONGC-NTPC Green Private Limited (ONGPL), a joint venture between ONGC Green Limited and NGEL, for the acquisition of Ayana Renewable Power Private Limited (ARPPL).
• Rs 102.47 crore was utilized for interest expenses.

Issue Expenses

• The actual issue expenses amounted to Rs 44.67 crore, lower than the initially envisaged Rs 53.51 crore.
• The balance was redirected towards general corporate purposes, in line with the offer document.

Timely Completion

The monitoring report indicates that NTPC Green Energy has completed the utilization of funds ahead of schedule:

• The main investment in NREL was fully utilized by Q2 FY 2026.
• General corporate purposes and issue expenses were completed even earlier, by Q4 FY 2025.
• This is ahead of the projected completion by FY 2026 as stated in the offer document.

Compliance and Transparency

CARE Ratings Limited, serving as the Monitoring Agency, has reported no deviations from the stated objectives of the IPO. This adherence to the planned utilization underscores NTPC Green Energy's commitment to transparency and efficient capital allocation.

The timely and full utilization of the IPO proceeds, particularly the significant investment in its renewable energy subsidiary and strategic joint venture, positions NTPC Green Energy to strengthen its foothold in the growing renewable energy sector. As the company moves forward with these investments, stakeholders will be keen to observe the impact on its operational and financial performance in the coming quarters.

NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, has taken a significant step towards expanding its renewable energy portfolio. The company has signed a Memorandum of Understanding (MoU) with CtrlS Datacenter Limited to explore the development of renewable energy projects with a capacity of 2 GW or more.

Key Highlights of the Partnership

Objective and Scope

The partnership aims to explore mutually beneficial business opportunities in the renewable energy sector. The focus is on developing projects that will provide renewable energy round-the-clock to CtrlS Datacenters across India for their captive consumption.

Leadership Involvement

The MoU was signed by key executives from both companies:

• Sh. Sarit Maheshwari, CEO of NGEL & NTPC REL
• Sh. Sridhar Pinnapureddy, Founder & Chairman of CtrlS Datacenter Ltd.

Implications for the Indian Energy Sector

This collaboration between NTPC Green Energy and CtrlS Datacenter is a significant development in India's renewable energy landscape. It underscores the growing trend of data center companies partnering with energy providers to secure sustainable power sources. Such initiatives are crucial for:

1. Reducing the carbon footprint of energy-intensive data centers
2. Supporting India's transition to cleaner energy sources
3. Enhancing the reliability and sustainability of power supply to critical digital infrastructure

As the demand for data center services continues to grow in India, partnerships like this may play a vital role in ensuring that this growth is environmentally sustainable and aligned with the country's renewable energy goals.

The successful implementation of this 2 GW project could potentially set a precedent for similar collaborations in the future, possibly accelerating India's progress towards its renewable energy targets.

While the financial details of the agreement have not been disclosed, this partnership represents a substantial commitment to green energy development, which could have positive implications for both companies' market positions and environmental credentials.