NTPC doubles up on renewable target

Plans 60 GW capacity by 2032

NTPC has ramped up its long term Renewable Energy capacity target to 60GW by 2032 from earlier 32GW.

NTPC plans to set up 15GW of RE capacity by FY24 and could also look at plans for potential acquisition of RE assets.

“NTPC has strong commitment to Renewable Energy and would be targeting 60 GW by 2032. The board has already approved a business plan in this regard,” Finance Director A K Gautam told analysts during a conference call.

The group has already commissioned 1,350 MW of RE project under EPC mode while 2,883 MW of solar projects of NTPC are presently under implementation.

Additionally, 3,290 MW are at various stages of tendering, Gautam said.

NTPC is at an advantageous position in executing RE projects as it can arrange low-cost finances, Gautam said.

From 1 GW in FY21, NTPC’s RE capacity would touch 3 GW in the current year, which will go up to 8 GW in FY23 and then to 15 GW in FY24, Gautam said.

Also, NTPC expects to get some priority when tenders are called, he said.

NTPC is looking at tender opportunities for RE projects worth about 5,000 MW in coming days.

“While this may seem ambitious (implying 5-5.5 GW per year of RE additions over the next 11 years), NTPC has taken steps to improve its renewables footprint with 3GW of renewable capacities are under construction and expected to be commissioned over the next two years,” a report by Motilal Oswal said.

NTPC has emerged as the lowest bidder for 1.4 GW of competitively bid out renewable projects and has 3 GW of renewable capacities under construction.

Capacity touches 64,490 MW