NTPC Plans Significant Nuclear Power Expansion by 2047

NTPC has outlined an ambitious growth roadmap, targeting 149 GW of installed power generation capacity by 2032 and 244 GW by 2037. This expansion is supported by a planned cumulative capital expenditure of approximately ₹16.86 lakh crore, allocated across thermal, renewable, hydro, storage, mining, and nuclear energy projects.

Nuclear energy is identified as a significant future growth driver for NTPC. The company aims to contribute around 30 GW of nuclear power capacity to India's target of 100 GW nuclear capacity by 2047. Currently, NTPC is progressing with the 2.8 GW Mahi Banswara nuclear project in Rajasthan and is evaluating further opportunities in multiple states.

The company's installed capacity has reached approximately 89 GW, with a project pipeline of nearly 35.7 GW. NTPC reported a consolidated profit after tax of ₹27,546 crore in FY26, marking a 15% increase from the previous year. The company's balance sheet remains robust, with an improved debt-equity ratio of 1.32 despite increased capital expenditure.

India to Launch New Battery Component Incentive Program

India is nearing the rollout of a new incentive program for advanced battery cell component makers, valued at up to Rs 13,000 crore ($1.37 billion). This program is part of Prime Minister Narendra Modi’s strategy to close the cost gap with Chinese producers and bolster the domestic battery supply chain. While India currently offers subsidies for cells used in electric vehicles and energy storage, local battery manufacturers have encountered supply chain challenges.

The proposed financial support seeks to stimulate the manufacturing of essential battery parts, including anode and cathode active materials, electrolytes, separator film, and copper foil. Policymakers in India view the current reliance on Chinese suppliers for these components as a strategic vulnerability. The initiative is designed to improve energy security by cultivating a local battery supply chain, which the government considers a priority.

This new effort builds on an existing 50-gigawatt-hour advanced battery incentive program. However, recipients of that program have faced delays in meeting production milestones due to factors such as technology unavailability, lack of skilled labor, critical imported equipment, and the scarcity of upstream components.

Aditya Birla Renewables Acquires Sprng Energy in Major Indian Renewable Energy Deal

Aditya Birla Renewables Limited (ABReN), the renewable energy platform of Grasim Industries Limited, part of the Aditya Birla Group, has reached an agreement to acquire the Sprng Energy Group. The acquisition involves purchasing its holding company, Solenergi Power Private Limited (SPPL), from Shell Overseas Investment B.V., a wholly owned subsidiary of Shell PLC. The transaction is valued at an enterprise value of Rs 172 billion ($1.8 billion), including debt, positioning it as one of the largest acquisitions in the renewable energy sector in India by both enterprise value and scale.

This deal will provide ABReN with control of the established Sprng Energy platform, immediately doubling its renewable portfolio to 9.3 GWp without the need for greenfield development. This move is expected to elevate ABReN to become the fifth-largest renewable energy company in India. Sprng Energy supplies solar and wind power to discoms across India, with a contracted renewable energy portfolio of approximately 5 GWp, encompassing solar, wind, hybrid, and round-the-clock renewable energy projects. Of this capacity, about 3.3 GWp is operational, and an additional 1.7 GWp is under construction. These assets are distributed across Gujarat, Rajasthan, Madhya Pradesh, Karnataka, and Tamil Nadu. The platform also includes a pipeline of connectivity and development assets.

ABReN currently manages an operating and secured portfolio of approximately 4.4 GWp across several states, much of which was developed to meet the captive renewable energy requirements of Aditya Birla Group companies. The acquisition will increase ABReN’s renewable energy portfolio to 9.3 GWp, bypassing years of project development and land acquisition. It also provides immediate access to valuable transmission connectivity and long-term power purchase agreements (PPAs), combining ABReN’s commercial and industrial (C&I) portfolio with Sprng Energy’s utility-scale portfolio for a more diversified revenue base.

The acquisition will be financed through a combination of debt and equity infusion from Grasim Industries and funds managed by Global Infrastructure Partners (GIP), part of BlackRock. The transaction is anticipated to conclude by the end of calendar year 2026, pending approvals from the Competition Commission of India and Central Transmission Utility of India Limited, along with other customary conditions outlined in the share purchase agreement (SPA).

This divestment aligns with Shell’s strategy to reduce its exposure to renewable power generation and reallocate capital towards its oil and gas businesses. The acquisition also highlights a growing trend in India’s renewable energy sector towards platform acquisitions over greenfield development, allowing companies to scale capacity, access existing infrastructure, and secure long-term power purchase agreements more efficiently. The strong competition for Sprng Energy underscores the maturity and attractiveness of the renewable energy market in India to institutional investors.