Electricity generator NTPC said its newly formed subsidiary NTPC Renewable Energy has signed a energy acquire agreement with state-run energy utility Gujarat Urja Vikas Nigam (GUVNL) to sell energy from its upcoming 150 mega-watt (MW) solar project in the state at Rs 2.20/unit.
With this successful bid, the company’s total capacity under TBCB (tariff-based competitive bidding) tenders has reached 1.4 GW. The company has also been allocated land in Rann of Kutch by the Gujarat government for developing a solar park with a capacity of 4,750 MW.
NTPC Renewable is presently constructing 6,000 MW solar capacity across the nation. The company is also in the process of receiving Rs 2,100 crore of long-term loans from banks for its under-construction projects.
Currently, the total installed capacity of NTPC stands at 65,810 MW, comprising 1,318 MW of solar and wind power-based plants. With increasing environmental issues and falling tariffs of renewable power, the biggest thermal energy producer in the nation has decided to diversify its generation portfolio.
By 2032, it plans to have a total energy production capacity of 1,30,000 MW and 30% of this would be non-thermal power based.
In a further 12 years, NTPC desires to have a base of 32,000 MW renewables, 5,000 MW hydro and a further 2,000 MW of nuclear energy plants.