Cabinet empowers NTPC to invest up to Rs 20,000 crore to achieve renewable energy targets

New Delhi [India], July 16 (ANI): Prime Minister Narendra Modi-chaired CCEA, in a meeting on Wednesday, granted enhanced autonomy to Maharatna company NTPC to make investments up to Rs 20,000 crore for renewable energy capacity addition, against the current Rs 7,500 crore, to achieve a 60 GW capacity by 2032.
The enhanced delegation given to NTPC and its subsidiary NGEL will facilitate accelerated development of renewable projects in the country.
This move will also play a vital role in strengthening power infrastructure and ensuring investment in providing reliable, round-the-clock electricity access across the nation.
Renewable energy projects will also generate direct and indirect employment opportunities to the local people at construction stage as well as during operations and maintenance stage.
"This shall provide boost to local suppliers, local enterprises/ MSMEs and shall encourage the entrepreneurship opportunities within the country besides promoting employment and socio-economic development of the country," said an official release after meeting of Cabinet Committee on Economic Affairs (CCEA).
India has achieved a landmark in its energy transition journey by reaching 50 per cent of its installed electricity capacity from non-fossil fuel sources - five years ahead of the target set under its Nationally Determined Contributions to the Paris Agreement.
The country is aiming to reach 500 GW of non-fossil energy capacity by 2030.
As a Central Public Sector Enterprise and the leading Power Utility of the Country, NTPC, aims to add 60 GW of Renewable Energy Capacity by 2032, which will help the country in achieving the aforesaid target and move towards larger aim of having 'Net Zero' emissions by 2070.
NGEL is the flag-bearer listed subsidiary of NTPC Group for renewable energy capacity addition through organic and inorganic growth, the release said.
The organic growth is proposed to be done primarily through NGEL's wholly owned subsidiary NREL.
NGEL has also formed curated partnerships with various State Governments and CPSUs for renewable energy project development.
NGEL has a portfolio of 32 GW renewable energy capacity including 6 GW operational capacity, 17 GW Contracted/ Awarded capacity and Pipeline of 9 GW.
At COP26 held in 2021, India committed to an ambitious five-part "Panchamrit" pledge.
This included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030. India also aims to reduce the emissions intensity of GDP by 45 per cent and net-zero emissions by 2070. (ANI)