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Malaysia's Petronas Offers To Purchase 20% Stake in NTPC's Green Energy Ltd

The company has promised to add 60 gigatonnes of renewable energy potential by the year 2032, the carrying total group potential to 130 gigatonnes by that date.

March 17, 2023. By EI News Network

Malaysia's Petronas has put forward INR 38 billion to purchase a 20% stake in NTPC, in the first deal distinctive by a state-own company.

The parent company's non-fossil businesses will be run by NGEL.

The transaction is considerable for the first time an Indian state-run company offered a stake in renewable energy projects, and it happens at a time when the nation's renewables sector is captivating and augmenting foreign investment.

Renewables are marked as India's top five sectors for raising international funds this financial year, amounting to 5% of overall inflows from April to September 2022, rising from 3.3% the past year, as per data from India's commerce ministry.

The earnings from the sale will be utilised to develop NTPC's non-fossil businesses. The organisation has put aside over USD 30 billion in investments over the decade to rise the share of non-fossil energy in its operation profile from 9.41 percent to 45 percent.

The company has promised to add 60 gigatonnes of renewable energy potential by the year 2032, the carrying total group potential to 130 gigatonnes by that date.

India has put forth a target of reaching net zero by 2070 and has committed to utilising non-fossil fuel-based energy for 50% of its installed electric power potential by 2030.

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Renewable Energy Projects