NTPC to Invest Rs 2 Lakh Cr in MP Renewable Energy

Bhopal, Feb 24 (PTI) State-owned power giant NTPC on Monday said it has inked initial pacts to invest over Rs 2 lakh crore in various renewable energy projects like solar, wind, pumped hydro storage, non fossil fuel-based and other carbon neutral projects in Madhya Pradesh.

According to a statement issued by NTPC Ltd, the company along with its subsidiary NTPC Green Energy Ltd (NGEL) has signed multiple MoUs with the Madhya Pradesh government during the Global Investors Summit, being held here on February 24-25.

It includes renewable projects based on solar, wind, pump hydro and other carbon neutral energy sources in Madhya Pradesh.

An MoU was signed between NGEL and Madhya Pradesh Power Generating Company Ltd (MPPGCL) for setting up renewable energy projects up to 20 GW or more in the state, at an approximate investment of Rs 1,20,000 crore.

This has paved the way for formation of a joint venture, which will help in mitigating the Renewable Generation Obligation (RGO) of MPPGCL as well as Renewable Purchase Obligation (RPO) of Madhya Pradesh DISCOMs.

Another MoU was signed for other sustainable non-fossil fuel power plants at an estimated investment of Rs 80,000 crore. Madhya Pradesh Power Management Company Ltd (MPPMCL) signed this MoU on behalf of the state government.

An agreement was also signed with an intent to invest approximately Rs 4,000 crore in setting up 800 MW of pumped hydro storage project in the state.

The MoUs, signed in the presence of Chief Minister Mohan Yadav, will play a significant role in promoting sustainable energy solutions while strengthening Government of India's efforts towards energy transition and Net Zero targets.

NTPC is India's largest integrated power utility, contributing one-fourth of India's power requirements and has an installed capacity of over 77 GW, with an additional capacity of 29.5 GW under construction, including 9.6 GW of renewable energy capacity.

The company is committed to achieving 60 GW of renewable energy capacity by 2032.

With a diverse portfolio of thermal, hydro, solar, and wind power plants, NTPC is dedicated to delivering reliable, affordable, and sustainable electricity to the nation.