NTPC Announces Amalgamation of a Subsidiary for its Renewable Energy Business
India’s largest energy conglomerate, NTPC has announced that it has officially consolidated a subsidiary for its renewable energy business. The company has incorporated a wholly-owned subsidiary, in the name of NTCP Renewable Energy with the Registrar of Companies, NCT of Delhi and Haryana. This move has been carried out to undertake the renewable energy business stated the company in a regulatory filing.
Lately, NTPC has obtained a nod from NITI Aayog and the Department of the Investment and Public Asset Management to set up a wholly-owned company for its renewable energy business. At present, the company is planning to generate about 30 percent that would approximate to 39GW of its overall power capacity from the renewable energy sources by 2032. Thus, the creation of the new subsidiary has come into the picture.
Incorporating the new subsidiary is expected to ease the process of achieving its goal for the company which would aid in generating renewables in the country. By 2032, NTPC is intending to become a 130 GW company with a diversified fuel mix and a 600 BU (billion units per annum) firm in terms of power generation.
Furthermore, the company is targeting to have 30GW of solar and 2 GW of other renewable energy sources based on power generation capacity by 2032. Alongside this, the company would also have 5 GW of hydropower and 2 GW of nuclear energy by 2032, which would take the total clean energy capacity to 39 GW. Also, the non-fuel based capacity is expected to achieve a share of 30 percent and the thermal-based generating capacity share might be 70 percent by 2032.
The NTPC Group’s current installed capacity is 62.9 GW this includes 11.75 GW through JVs or subsidiaries. Further, it also comprises of 45 NTPC stations and 25 Joint venture stations that include nine coal-based, four gas-based, eight hydro, one small hydro, two wind, and one solar PV. Also, the group has a reported 20 GW of capacity under construction that includes 5 GW of renewable energy projects.
In August, post the announcement of the approval for incarnating a subsidiary, the group has also announced it venturing into an agreement with Greenko to further explore the energy storage and renewable energy power supply solution.
The main purpose of the partnership is to explore the possibility of the development of renewable energy-based round-the-clock, flexible and dispatchable power supply offerings based on the integration of RE sources and pumped storage projects.