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New Delhi: State-run NTPC Ltd has won 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 in a statement on Saturday.

This assumes significance given that the state-run NTPC Ltd recently bid a record low solar tariff of 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.

“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.

This comes in the backdrop of India’s plan to leverage state run power sector firms to augment its clean energy plans, with the central PSUs to be given an 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, meanwhile, 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 ambitious aim of 60 GW renewable energy capacity by 2032 from the existing 4.7 GW. It plans to invest 1 trillion between 2019 and 2024 to become a 130 GW power producer by 2032.

NTPC Group posted a net profit of $1.85 billion in FY21. It has also set an aim of 10% reduction in net energy intensity. The state-run company has an installed capacity of about 67 GW across 70 power projects, with 18 GW under construction.

 

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