New Delhi: State-run NTPC Ltd has doubled its renewable energy (RE) target for 2032 from 32 GW to 60 GW of solar and wind power, the company told investors during a recent conference call. NTPC currently has an RE portfolio of 1,350 MW and it plans to add another 13,000 MW of RE by FY24, investors were told. The pivot towards green energy is part of India's largest thermal power utility's diversification plan as renewable energy tariffs decline and the government has announced its intention to not commission any new thermal power plants (TPP).
Commenting on the company's plans in the RE space, the NTPC management said that it could also look at plans for potential spin-offs or the monetisation of NTPC Renewable Energy, a subsidiary of NTPC incorporated in October 2020 for undertaking renewable energy projects.
The investors were told that the company plans to take part in 5,000 MW of upcoming renewable energy auctions. Around 2,884 MW of NTPC's renewable energy capacity is currently under implementation and another 3,290 MW under various stages of tendering. NTPC is holding discussions with the state governments of Rajasthan, Gujarat, Maharashtra and Andhra Pradesh for allocation of land parcels for 17,000 MW of renewable energy projects under the Ultra Mega Renewable Energy Power Parks (UMREPP) scheme. It has also signed an MoU with Damodar Valley Corporation (DVC) in March this year for setting up floating solar power projects on its reservoirs. NTPC has a total installed capacity of 65,825 MW.