NTPC bags IREDA’s 1.9 GW solar power project contract under

Energy major NTPC Limited has secured a 1.9 GW solar power project contract in the tenders invited by Indian Renewable Energy Development Agency Limited (IREDA).

NTPC Limited told the media that it had bagged 1.9 GW in the e-auction of CPSU Scheme-II, tranche-III of 5 GW tender. This capacity will allow saving CO2, a greenhouse gas of more than 3 million tons every year.

It assumes importance given that the state-run NTPC Limited recently offered a record low solar tariff of Rs 1.99 per unit, setting a new benchmark in the sector. State-run hydropower producer SJVN Limited has also acquired a 1 GW solar power project contract in the tenders floated by IREDA by quoting Rs 2.45 per unit tariff.

NTPC was the single largest capacity winner, and together with this capacity of 1.9 GW, NTPC now has more than 6.3 GW capacity obtained through competitive biddings. It shall pave the way for NTPC's aim of 60 GW RE capacity by 2032.

It comes in the backdrop of India’s aim to leverage state-run power sector companies to expand its clean energy plans, with the central PSUs to be given in principle permission to bid for a predetermined capacity of renewable energy projects based on their balance sheet.

Additionally, the statement said that the CPSU scheme would boost Atmanirbhar Bharat as projects have to use domestic content necessarily.

NTPC is planning to list its clean energy units NTPC Renewable Energy Limited (NTPC REL) and NTPC Vidyut Vyapar Nigam Limited (NVVN). The firm has set an ambitious goal of 60 GW renewable energy capacity by 2032 from the existing 4.7 GW. It aims to invest Rs 1 trillion between 2019 and 2024 to become a 130 GW power generator by 2032.

NTPC Group recorded a net profit of $1.85 billion in FY21. It has set a target of a 10% decline in net energy intensity. The state-run firm has an established capacity of around 67 GW across 70 power projects, with 18 GW under construction.

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