NTPC Forms Renewable Energy Subsidiary

State-run power producer NTPC said on Thursday that it has incorporated NTPC Renewable Energy, a wholly owned subsidiary, which will focus on its green energy business. The decision of setting up a subsidiary for renewable energy comes at a time when the company, by name and predominantly a thermal player, plans to increase the share of renewable energy in its generation portfolio. The Department of Investment and Public Asset Management and Niti Aayog had approved the formation of the separate renewable energy unit in August. Currently, the total installed capacity of the power behemoth stands at 62,910 mega-watt (MW), comprising 1,070 MW of renewable energy-based plants. Another 2,348 MW of renewable energy units are under various stages of construction. Also, NTPC has recently floated separate tenders to acquire 1,000 MW of operational solar plants and build 1,070 MW solar plant in Rajasthan. With rising environmental concerns and falling tariffs of renewable energy, the largest thermal power producer in the country has decided to diversify its generation portfolio. By 2032, it plans to have a total power production capacity of 1,30,000 MW and 30% of this would be non-thermal energy based. In another 12 years, NTPC wants to have a base of 32,000 MW renewables, 5,000 MW hydro and another 2,000 MW of nuclear power plants.