State-owned NTPC on Thursday said it has incorporated a subsidiary for its renewable energy business.
“NTPC Ltd has incorporated a wholly-owned subsidiary, in the name of NTPC Renewable Energy Ltd with the Registrar of Companies, NCT of Delhi & Haryana on October 7, 2020, to undertake renewable energy business,” a BSE filing said.
In August, NTPC had received approval from Niti Aayog and the Department of Investment and Public Asset Management to set up a wholly-owned company for its renewable energy business.
The creation of the new subsidiary comes at a time when NTPC is targeting generation of nearly 30 per cent or 39 GW of its overall power capacity from renewable energy sources by 2032.
This is also consistent with India’s ambitious target of having 175GW clean energy by 2022. NTPC is planning to have 10GW of solar energy by 2022, which entails an investment of around Rs 50,000 crore.
With the incorporation of the new subsidiary, it would be easier for NTPC to achieve its goal of pushing renewables in the country.
NTPC has planned to be a 130 GW company by 2032 with diversified fuel mix and a 600 BU (billion units per annum) firm in terms of power generation.
The company is aiming to have 30 GW of solar and 2 GW of other renewable energy sources based power generation capacity by 2032. Besides, it will have 5 GW of hydropower and 2 GW of nuclear energy by 2032, taking the total clean energy capacity to 39 GW.
The non-fossil fuel based capacity would achieve a share of 30 per cent and thermal-based generating capacity share would be 70 per cent by 2032.
Share of RE (including hydro) would be 28 per cent. NTPC is targeting a market share of 25 per cent in ancillary services and storage by 2032.
It is also eyeing 10 per cent of the estimated market share for supply of electricity in e-mobility business.
The present installed capacity of NTPC Group is 62.9 GW (including 11.75 GW through JVs/subsidiaries) comprising 45 NTPC Stations and 25 Joint Venture stations (9 coal based, 4 gas based, 8 hydro, 1 small hydro 2 wind and 1 Solar PV).
The group has over 20 GW of capacity under construction, including 5 GW of renewable energy projects.