NTPC Renewable Energy Ltd (NTPC REL) has received the Letter of Award for a 550 MW solar project at a tariff of INR 2.56/kWh. The company won this capacity in REC Power Development and Consultancy’s auction for 1.25 GW of interstate transmission system (ISTS)-connected solar projects.
NTPC REL will execute the project on a build-own-operate basis. The power produced will be utilized under the government of India’s Aug. 2022 scheme for flexibility in generation and scheduling of thermal power stations through bundling with RE capacity.
The project is to be executed within 18 months and will require a capital investment of INR 2,800 crore.
“With the allotment of this 550 MW capacity, NTPC REL will have to execute more than 2 GW of renewable energy projects to fulfill the capacity won through tariff-based competitive bidding in Q1 2023 alone,” stated NTPC.
As of date, NTPC Group has 3.3 GW of operating RE capacity, with another 6 GW under different stages of implementation and 12 GW under tendering, including 4 GW energy storage system and a major hydrogen-based energy storage cum microgrid system. It aims to achieve 60 GW of renewable energy capacity by 2032 and emerge as a major player in green hydrogen technology and energy storage domain.
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