State-run NTPC Ltd, the country’s largest integrated power utility, aims to add 5 gigawatt (GW) of installed capacity in the financial year 2024-25, the company said on Monday. Of this, the company plans to install 3 GW of renewable energy capacity and remaining 2 GW of thermal power capacity. By 2032, the company plans to have a cumulative installed capacity of 130 GW.
The company’s annual target for FY25 comes amid its commitment to add 60 GW of RE capacity by 2032 and government’s goal of adding 80 GW of new thermal capacity by 2030.
“NTPC aims to add 3 GW of RE capacity, exemplifying its steadfast dedication to environmental stewardship,” the company said. “Simultaneously, we aim to add 2 GW to our thermal energy capacity, strengthening India’s energy infrastructure.
During the financial year 2023-24, NTPC added 3.9 GW of new installed capacity to its portfolio, taking the cumulative capacity to nearly 76 GW. Presently, the group has an operational RE capacity of 3.5 GW, with another 20 GW in pipeline.
The newly added capacity in FY24 includes the commissioning of a second Unit in Bangladesh and maiden capacity addition by its subsidiaries – NGEL and NREL.
NGEL is a wholly-owned subsidiary of NTPC and has an operational capacity of over 3.4 GW renewable energy and 26 GW in pipeline including 7 GW under implementation.
The company is setting up capacities for firm PPA (power purchase agreement), through merchant mode and Commercial and Industrial consumers. NTPC has won nearly 10 GW of RE capacity by participating in various tenders and is looking to expand its non-fossil based capacity to 45-50% of the company’s portfolio at 60 GW, its Chairman and Managing Director Gurdeep Singh has told FE in an interview earlier.
Currently, NTPC’s energy portfolio comprises 81% coal, 9% gas, and 10% non-carbon sources, including renewables and hydro. In addition to renewables,the company has entered the field of nuclear energy through a joint venture with NPCIL and is in an advanced stage of discussions for the development of two nuclear projects with a combined capacity of 4,200 MW to be commissioned by 2032.
The state-run power generation company and its units will also issue orders for 16.8 GW of new coal plants over the next three years, Finance Director Jaikumar Srinivasan had earlier said.
These new plants coupled with 10 GW of coal capacity already under construction will expand NTPC’s coal capacity by about 45% from current levels. Further, the company also aims for a 50 million tonne of annual production of coal from its mines in three years in order to support its new plants.
State-run power generator NTPC Ltd reported a consolidated net profit of Rs 5,208.87 crore in the Oct-Dec quarter, up by 7.3% from Rs 4,854.36 crore in the corresponding period of last year.