NTPC plans to raise $1 bn through foreign currency bonds

Country's largest power producer NTPC will raise $1 billion through foreign currency bonds this year to expand its power generation capacity, particularly in renewable energy segment. The board has approved the proposal to raise up to $1 billion through foreign currency bonds subject to market conditions and as per requirement in the board meeting held on April 28, said NTPC spokesperson.

The official said NTPC will approach the market for raising funds through foreign currency bonds this year.

State-run NTPC has an installed power generation capacity of 44,598 MW and the company plans to set up 3,000 MW capacity solar power projects across the country this fiscal.

The power producer envisages that the renewable energy will contribute 28 per cent to its capacity of 1,28,000 MW by 2032. The government plans to have 1,60,000 MW renewable power generation capacity by 2022 for which, an investment of $250 billion would be required.

Earlier allaying apprehensions over meeting renewable power capacity addition target, Power Minister Piyush Goyal had said: If the government moves with some vision, it is not impossible to make India diesel-generation free.