Mumbai, June 20 -- India Ratings and Research stated that the ratings reflect NGEL's strong operational and strategic linkages with NTPC. NTPC group plans to increase its renewable energy (RE) capacity to 60GW by 2032 through NGEL.

NGEL also receives operational support from NTPC with key managerial persons appointed from NTPC and common directors.

At FYE25, NGEL has a total 5.9GW commissioned under its own books, its subsidiary, NTPC Renewable Energy Limited (NREL) and joint venture (JV) with Oil and Natural Gas Corporation Limited (ONGC) which acquired Ayana Renewable Power Private Limited (Ayana) with an operational capacity of 2.12GW.

NGEL raised money through an initial public offering in November 2024 amounting Rs 100 billion. To...