Cabinet approves ₹20,000 crore for NTPC’s renewable growth

The Cabinet Committee on Economic Affairs has granted enhanced delegation of power to NTPC Limited, a central public sector enterprise for investments in NTPC Green Energy Limited (NGEL) and NTPC Renewable Energy Limited (NREL).

The enhanced delegation given to NTPC and NGEL will facilitate accelerated development of renewable projects in the country. This move will also play a vital role in strengthening power infrastructure and ensuring investment in providing reliable, round-the-clock electricity access across the nation.

Renewable energy projects will also generate direct and indirect employment opportunities for the local people at the construction stage during the O&M stage. This shall provide a boost to local suppliers and local enterprises/MSMEs and shall encourage the entrepreneurship opportunities within the country, besides promoting employment and socio-economic development of the country.

India has achieved a landmark in its energy transition journey by reaching 50 percent of its installed electricity capacity from non-fossil fuel sources five years ahead of the target set under its Nationally Determined Contributions to the Paris Agreement. The country is aiming to reach 500 GW of non-fossil energy capacity by 2030. As a Central Public Sector Enterprise and the leading power utility of the country, NTPC aims to add 60 GW of renewable energy capacity by 2032, which will help the country in achieving the aforesaid target and move towards the larger aim of having ‘net zero’ emissions by 2070. 

NGEL is the flag-bearer listed subsidiary of NTPC Group for renewable energy capacity addition through organic and inorganic growth. The organic growth is proposed to be done primarily through NGEL’s wholly owned subsidiary NREL. NGEL has also formed curated partnerships with various state governments and CPSUs for RE project development. NGEL has a portfolio of ~32 GW RE capacity, including ~ ~6 GW operational capacity, ~17 GW W contracted/awarded capacity, and a pipeli of ~9 GW.