India NTPC: Raise the 2032 renewable energy target to 132GW

    NTPC, the National Electric Power Company of India, recently announced that it will cut its coal power generation by half within the next ten years, while increasing the share of renewable Electric Solar System energy power generation.

    A senior executive of the company said that the company plans to list its green energy subsidiary NTPC Renewable Energy Co., Ltd. in the next 18 months and will invest 2.5 trillion rupees to increase renewable energy generation capacity to fill the reduction in coal power. Brings the gap.

    Among them, the equity part accounts for about 500 billion rupees, and the rest will be realized through long-term loans, bonds and other forms. The company also plans to obtain preferential loans through an agreement with the National Investment and Infrastructure Fund signed a year ago.

    NTPC has promised to achieve 60 GW of renewable energy installed capacity by 2032. By then, the total installed capacity will reach 132 GW, which is a huge increase from the previously planned 30 GW renewable energy capacity by 2032.

    NTPC's goal is to expand to 8,000 megawatts by 2032 by increasing 4,000 megawatts of clean energy capacity each year, while also reducing net energy intensity by 10%.

    The company's current power generation capacity is 66 GW, of which 54 GW or 82% is coal-fired power generation. NTPC is discussing the development of large-scale offshore wind power plants with oil and gas companies through a joint venture signed last year.

    In view of the fact that offshore wind power is a capital-intensive project, the Indian government is considering providing feasibility gap funding for offshore wind energy projects. India has set a goal of establishing 30 gigawatts of offshore wind power installed capacity by 2032.

    NTPC has announced plans to build a 5 GW solar park in Gujarat for 2500 crore, and has similar plans in Rajasthan. The renewable capacity increase plan will include the establishment of solar, wind, hydro, biomass, and energy storage plants on its own or with various companies/states.

    Currently, NTPC has a renewable energy project of 1173 MW, and 2300 MW is under implementation.