NHPC Ltd to set up new vertical for renewable energy development

NHPC Limited has established a new wholly-owned subsidiary company called NHPC Renewable Energy Limited (NREL) for the development of the company's Renewable Energy, Small Hydro, and Green Hydrogen project. The subsidiary has been registered with the Registrar of Companies in the National Capital Territory of Delhi and Haryana. Shri A K Singh, NHPC's CMD, spoke at the event and said that the company's goal is to become a global leader in the development of clean energy. The formation of NHPC Renewable Energy Limited demonstrates a strong commitment to utilising renewable energy to help reduce carbon emissions and produce clean, green energy. The decision to create a renewable energy subsidiary comes at a time when NHPC, which is primarily a hydroelectric company, is planning to increase the share of renewable energy in its generation portfolio. In December 2021, the Department of Investment and Public Asset Management and NITI Aayog gave their approval to the formation of a separate renewable energy unit. Renewable Energy Projects will be developed by the subsidiary company either on its own or in collaboration with other agencies through the formation of Special Purpose Vehicles (SPV). The total installed generation capacity of NHPC is currently 7071 megawatts (MW), with 100 MW of solar and wind energy-based plants. Another 5999 MW of hydro and 105 MW of solar power plants are in the works. NHPC Ltd is expanding its renewable energy portfolio and has taken on many projects in various modes that are currently in the tendering and development stages. Rajasthan Renewable Energy Corporation Limited (RRECL) and NHPC recently signed a Letter of Intent for the development of 10000 MW of renewable energy projects and parks in Rajasthan. Image Source Also read: NHPC's net profit drops 7.5% to Rs 888.8 crore in Dec quarter