OPEN APP
Home >Industry >Energy >NHPC plans to expand solar and wind power portfolio

New Delhi: State-run NHPC Ltd plans to expand its solar and wind power portfolio across the country as part of its green energy playbook.

State-run firms are pivoting towards solar and wind energy and investing in India’s green economy in the backdrop of a change in the global energy architecture.

There is going interest from public sector units in solar and wind space. A case in point being state-run Gail (India) Ltd's focus on building a clean energy portfolio by participating in competitive bids and acquiring solar projects from private firms.

“Despite the ongoing Covid-19 pandemic, NHPC is in an aggressive mode of expansion and has all-India plans to expand its solar and wind power portfolio along with its core business of hydropower development," AK Singh, chairman and managing director of the state-run firm said in a statement on Thursday.

This comes in the backdrop of India’s largest hydropower firm reporting the highest net profit of 3,233.37 crore in the last financial year on a standalone basis, a 7.52% increase over 3,007.17 crore recorded in 2020-21.

“Revenue from operation for the FY 2020-21 stood at 8506.58 crore compared to 8735.15 crore in the last fiscal year. Consolidated net profit for 2020-21 stood at 3582.13 crore, compared to 3,344.91 crore in 2019-20. The total income of the group in 2020-21 was 10,705.04 crore as against 10,776.64 crore in 2019-20," the NHPC statement said.

India is running the world’s largest clean energy programme to achieve 175 GW of renewable capacity, including 100GW of solar power and 60GW of wind power by 2022.

“In the last financial year, NHPC has signed MOUs for execution of 5 projects with total installed capacity of 4134 MW and we are focussed on completing the projects as per schedule," Singh added in the statement.

NHPC also recently formed a joint venture company -- Ratle Hydroelectric Power Corporation Ltd -- for the implementation of strategic 850-megawatt (MW) Ratle hydroelectric project in Jammu and Kashmir.

This comes in the backdrop of National Democratic Alliance government's plan to fully utilize its share of water under the Indus Waters Treaty of 1960. Chenab flows from India into Pakistan.

According to the Indus Waters Treaty, whoever builds the project first will have the first rights on the river waters. India and Pakistan signed the treaty in 1960 after nine years of negotiations, with the World Bank being a signatory. The treaty sets out a mechanism for cooperation and information exchange between the two countries regarding their use of rivers.

Mint earlier reported about India aiming to speed up NHPC Ltd’s hydropower projects in Jammu and Kashmir following the reorganization of the state.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout