New Delhi: NTPC on Tuesday said its arm NTPC Renewable Energy has incorporated Green Valley Renewable Energy as a joint venture with Damodar Valley Corporation to develop, operate and maintain renewable energy parks and projects. "NTPC Renewable Energy Limited (NTPC REL), a wholly-owned subsidiary of NTPC Limited, has incorporated Green Valley Renewable Energy Limited, as a subsidiary of NTPC REL in 51:49 Joint Venture with DVC on 25 August 2022," the state-owned power giant said in a BSE filing.
A Certificate of Incorporation in this regard was issued by the Registrar of Companies on September 6, 2022. The main object of the company is to develop, operate and maintain renewable energy park and project (s) in reservoirs and land owned by Damodar Valley Corporation (DVC), it added.
NTPC has been expanding its green footprints by powering renewable energy projects and aims to achieve over 60 GW of renewable energy capacity by 2032 accounting for 50 percent of its overall generation capacity. The RE mix includes Solar PV, Wind, Energy Storage and Green Hydrogen including mobility.
NTPC's capacity addition program is in line with India's commitment to UN Climate Change Conference at Glasgow at COP-26. The power major's goal is to achieve a non-fossil energy capacity of 500 GW by 2030 as part of NTPC's UN Global compact commitment.