NTPC Limited (NSEI:NTPC) has received 13 expression of Interests (EoIs), including from ArcelorMittal S.A. (ENXTAM:MT), Brookfield Asset Management Inc. (TSX:BAM.A) and CPP Investments for acquiring up to 10% stake in its renewable energy (RE) arm, NTPC Green Energy Limited (NGEL). The decision on the winners is under consideration and is expected to be finalized by the month-end. NTPC Limited is consolidating all its RE assets and NTPC Renewable Energy (NREL) under NGEL and the process is expected to be completed by the December-end, sources said.

NTPC plans to raise around INR 150 billion through asset monetization in the next three years, and the listing of NGEL is part of the plans. “NGEL's monetization process gained momentum in May-June, and has generated good interest. Around 13 EoIs have been received including from CPPIB, Brookfield, Abu Dhabi National Energy Company PJSC (ADX:TAQA), Petroliam Nasional Berhad, and ArecelorMittal.

They are starting with 5%-10%, but can go up to 26%. NTPC expects NGEL to be valued at around INR 20 billion,” one of the sources said.