New Delhi: NTPC Limited said on Friday that it has received an approval from Niti Aayog and Department of Investment and Public Asset Management (DIPAM) to set up a wholly-owned subsidiary for its renewable energy business. The approvals have now cleared the way for the Maharatna power PSU to form a subsidiary firm for renewable energy business. "…concurrence had been obtained from NITI Aayog and Department of Investment and Public Asset Management (DIPAM), Ministry of Finance for formation of a wholly-owned subsidiary for NTPC Renewable Energy Business," NTPC informed the stock exchanges in a regulatory filing on Friday.
The subsidiary company will be incorporated under the provisions of the Companies Act, 2013, it added.
NTPC Limited plans to push share of RE in its energy portfolio to 30 percent by 2032. Currently, it has 2,342 MW of RE capacity under construction. It is also currently implementing 1,500 MW solar power projects in 10 countries through the International Solar Alliance (ISA).
At least 3,304 MW of projects are under tendering process, NTPC said in an investor presentation last week. While 2,104 MW of this capacity will be developed in EPC mode, 1,200 MW will be handed over to developers. "NTPC being the largest power producer in the country is best placed to support intermittent nature of Renewable energy sources. Our base plants will play a key role in taking care of RE integration through flexibilization," the power PSU said.
With a total installed power generation capacity of 62.9 GW, NTPC Group has 70 Power stations comprising of 24 Coal, 7 combined cycle gas/liquid fuel, 1 hydro, 13 renewables along with 25 subsidiary & JV power stations.
The group has over 20 GW of capacity under construction, including 5 GW of renewable energy projects.
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