NTPC Limited, formally known as National Thermal Power Corporation Limited, is India’s largest energy conglomerate with roots planted way back in 1975 to accelerate power development in India. A public sector undertaking, NTPC is engaged in the business of generation of electricity and allied activities.
In a regulatory disclosure to the BSE, NTPC has stated that it is going to set up a wholly-owned company to expand its renewable energy business. It has also clarified that it has received the approval of NITI Aayog and the Department of Investment and Public Asset Management (DIPAM) for this. The new wholly-owned subsidiary will be named NTPC Renewable Energy Business and will be incorporated under the Companies Act, 2013.
The state owned power company is generating 1.1 GW of renewable energy in the present with 13 company owned renewable stations generating 928 MW and four renewable stations run by various joint ventures and subsidiaries generating 142 MW. It now aims at expanding installations to 32 GW by 2032, constituting 24 per cent of its power projects portfolio. The new venture targets at generating 10 GW renewable energy by 2022, which will be highly significant in meeting India’s energy goals of generating 175 MW of clean energy by the same year.
In the view of setting up its renewable power subsidiary, NTPC has recently invited bids from various Engineering, Procurement and Construction (EPC) contractors for development of 1070 MW solar projects in Rajasthan, which is highly efficient for the production of solar power. NTPC has also announced its plan to launch a joint venture company for renewable power generation along with Oil and Natural Gas Corporation (ONGC). Both the state owned companies look forward to exploring opportunities of sustainable resources of energy across India, specially setting up various offshore wind projects for generation of wind power.
