On Monday, NTPC, the state-owned power generation company, announced that its wholly-owned subsidiary, NTPC Renewable Energy Limited (NTPC REL), has been awarded a Letter of Award (LoA) for a 550 MW solar project. The project is slated for completion within 18 months and will entail a capital investment of Rs 2,800 crore, according to an official statement from NTPC.
The solar project secured the LoA at a competitive tariff of Rs 2.56 per kilowatt-hour (kWh) and will operate under the Government of India’s scheme for flexibility in generation and scheduling of thermal power stations, with bundling alongside renewable energy capacity.
While the statement did not divulge further specifics about the project, the 550 MW capacity addition will significantly bolster NTPC REL’s renewable energy portfolio. The company will now have to execute over 2 GW of renewable energy capacity to fulfill the capacity won in the tariff-based competitive bidding mode during Q1 2023 alone.
As of the latest update, the NTPC Group boasts an impressive 3.3 GW of operational renewable energy capacity, solidifying its position as a key player in India’s renewable energy sector. The recent award underscores NTPC’s commitment to expanding its clean energy footprint and contributing to India’s sustainable energy future.