Malaysia's Petronas [RIC:RIC:PETR.UL] has offered 38 billion rupees ($460 million) to buy a 20% stake in the green energy arm of India's largest power producer, NTPC, in the first deal of its kind by a state-run firm, three sources told Reuters.
REC and IGL were also not immediately available for comment.
NTPC plans to use the proceeds from the sale to expand its non-fossil businesses. The company has earmarked investments of more than $30 billion in the next 10 years to raise the share of non-fossil energy in its portfolio to 45% from the present 9.41%. The company has committed to adding 60 gigawatts of renewable energy by 2032 on a total group capacity of 130 gigawatts by that date.India has set a goal to become net-zero by 2070 and has committed to have 50% of its installed electric power capacity from non-fossil fuel-based energy by 2030.
The country targets 500 gigawatts of renewable energy generation by 2030. Renewable energy sources including wind, hydro and biomass, constitute 30% of the country's present installed capacity of 412 gigawatts.' clean energy arm told Reuters that India and Australia are its key markets for growth and it expects to tap more financing to meet its ambitious targets.
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