NTPC seeks developers for 900-MW solar park in Cuba

The company recently invited banks and financial institutions to place offers for raising $750 million as external commercial borrowing to fund its capital expenditure.

NTPC, under the International Solar Alliance (ISA) programme, will support Cuba in the selection process. (File)
NTPC, under the International Solar Alliance (ISA) programme, will support Cuba in the selection process. (File)

State-run NTPC has invited bids from developers to build a 900-megawatt (MW) solar park in the Republic of Cuba.

NTPC, under the International Solar Alliance (ISA) programme, will support Cuba in the selection process, signing of relevant agreements and overseeing project implementation till commissioning. NTPC is the project-management consultant of the ISA platform, which aims to promote solar technology in countries lying between the Tropics of Cancer and Capricorn. Cuba is a member of the treaty-based intergovernmental organisation, headquartered in India.

Through the ISA, NTPC has also secured project-management consultancy assignments for 500 MW in the Republic of Mali, 100 MW in the Republic of Malawi and 285 MW in the Republic of Togo. It was the first Indian energy company to declare its energy compact goals as part of the UN High level Dialogue on Energy. The company aims to reduce 10% net energy intensity by 2030 and attain 60,000 MW of green capacity by 2032, from the current level of around 1,300 MW. NTPC has also declared that it will form at least two international alliances to facilitate clean energy research and promote sustainability in the energy value chain by 2025.

The company recently invited banks and financial institutions to place offers for raising $750 million as external commercial borrowing to fund its capital expenditure and refinance its existing loans. As FE reported earlier, it is also looking for strategic investors to offload some stake in its wholly-owned subsidiary NTPC Renewable Energy, before floating its initial public offering. In the first six months of the ongoing fiscal, NTPC has issued the bonds aggregating to Rs 6,996 crore at the average cost of borrowing of 5.96%.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.