The topmost priority of NTPC Green Energy Ltd after its listing will be to scale up renewable energy capacity in a phased manner to 19 giga watt (GW) by 2026-27 at an estimated investment of Rs 1 lakh crore, Gurdeep Singh, chairman and managing director of its parent company NTPC Ltd said on Tuesday.
The company plans to add 6 GW in the current financial year and another 11 GW in FY26 before reaching the target of 19 GW.
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“We are bullish on solar projects compared to wind as solar energy is available throughout the year,” Singh said, adding that 90% of the projects will concentrate on solar energy. The company plans to go only for large-scale projects and will also explore solar with energy storage projects.
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As of September 30, the company has an operational renewable energy portfolio of 3.2 GW of solar projects and 100 MW of wind projects across six states. “We will need Rs 1 lakh crore for addition of 19 GW capacity by FY27,” Singh said.
He noted that power purchase agreements (PPAs) for all the capacities have been signed and the EPC contracts have been awarded. For solar, PPAs have been signed at a tariff of Rs 2.6 per unit while for wind projects, the tariff will be in the range of Rs 3.24-3.6 per unit. The new projects are likely to come up in the states of Gujarat, Rajasthan, Maharashtra, Chhattisgarh, Andhra Pradesh, Telangana and Uttar Pradesh. The company has set up plans to increase its renewable energy capacity to 60 GW by 2030.
The green energy company also plans to enter into a joint venture agreement with Andhra Pradesh to undertake renewable energy projects including green hydrogen, the company’s Director Finance Jaikumar Srinivasan said.
Furthermore, NGEL’s joint venture with state-owned oil major Oil and Natural Gas Corp will develop offshore wind projects while simultaneously looking to acquire existing renewable assets.
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