NTPC Wins 1.9 GW Solar Power Project Contract From IREDA

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State-run NTPC Ltd recently bid a record low solar tariff of Rs 1.99 per unit setting a new benchmark in the sector

Renewable energy company NTPC has announced that it has won a 1.9 gigawatt (GW) solar power project contract in the bids floated by Indian Renewable Energy Development Agency Limited (IREDA).

“India’s largest integrated power generating company NTPC Ltd wins 1.9 GW in the e-auction of CPSU Scheme-II, tranche-III of 5 GW tender. This capacity will enable saving of CO2 a greenhouse gas of over 3 million tons every year,” NTPC said.

“NTPC was the single largest capacity winner and together with this capacity of 1.9 GW, NTPC now has over 6.3 GW capacity won through competitive biddings. This shall pave the way for NTPC’s plan of 60 GW RE capacity by 2032,” the statement added.

State-run NTPC Ltd recently bid a record low solar tariff of Rs 1.99 per unit setting a new benchmark in the sector. State-run hydropower generator SJVN Ltd has also secured 1 GW solar power project contract in the bids called by IREDA by quoting a tariff of ₹2.45 per unit.

This comes as India plans to leverage state-run power sector firms to augment its clean energy plans, with the central PSUs to be given in-principle approval to bid for a pre-determined capacity of renewable energy projects based on their balance sheet.

“CPSU scheme shall promote Atmanirbhar Bharat since projects have to necessarily use domestic content,” the statement said.

NTPC is also preparing to list its clean energy units NTPC Renewable Energy Limited (NTPC REL) and NTPC Vidyut Vyapar Nigam Ltd (NVVN).

The company has set an aim of 60 GW renewable energy capacity by 2032 from the existing 4.7 GW. It plans to invest Rs 1 trillion between 2019 and 2024 to become a 130 GW power producer by 2032.

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