NTPC to build country’s largest solar park in Rann of Kutch


It had earlier secured a consultancy contract for 285 MW with the Republic of Togo.

State-run power producer NTPC said on Tuesday that its newly formed subsidiary, NTPC Renewable Energy, has received approval from the Union ministry of new and renewable energy to set up a 4,750 mega-watt (MW) renewable energy park in the Rann of Kutch in Khavada, Gujarat.

This will be the largest solar park in the country, and the company plans to generate green hydrogen on a commercial scale from the electricity generated by the solar panels to be installed there.

Currently, NTPC’s installed renewable energy capacity is nearly 1,400 MW and by 2032, it intends to have 60,000 MW of green power generation base. In October 2020, it had incorporated a wholly-owned subsidiary, NTPC Renewable Energy, to focus on its green energy business, and is planning to float the initial public offering of the subsidiary in FY23 to raise funds for its green capacity addition plan.

The park will be developed under ‘Mode 8’ of the ultra-mega renewable energy power park scheme, where state governments have to assist in the identification and acquisition of land and facilitate statutory clearances. If project development is not completed within two years, the state governments have the right to take back the allotted land.

As FE recently reported, NTPC also plans to jointly develop offshore wind power plants with the state-run Oil and Natural Gas Corporation, and the potential capacity of these projects can run into “tens of thousands of mega-watts”. NTPC Renewable Energy recently also signed an MoU with UT, Ladakh and Ladakh Autonomous Hill Development Council for the generation of green hydrogen and deployment on fuel cell electric vehicle buses which run on hydrogen.

The company has also secured project management consultancy assignments under the International Solar Alliance platform for 500 MW in the Republic of Mali and 100 MW in the Republic of Malawi. Cuba has also appointed NTPC as project management consultant for a 900 MW solar park. It had earlier secured a consultancy contract for 285 MW with the Republic of Togo.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.





Source link

Latest

To Avoid Asthma: Keep Your House Clean for Your Healthy Life

Pollution is there in the world at present. Read tips that allow you to Clean Your House and Avoid Asthma effortlessly today.Introductionyou need to...

Debunking 5 Common Myths About Cryptocurrency

There is a lot of noise surrounding cryptocurrency these days. Unfortunately, much of that noise is filled with myths and misconceptions

Custom Kraft Packaging Boxes boost your productivity

custom kraft packaging boxes are a great method for putting away your important items. The great custom kraft boxes make a never-ending impact on...

Russia outlaws Alexei Navalny’s organisations as ‘extremist’

Russia has outlawed organisations founded by jailed opposition activist Alexei Navalny by judging them “extremist”, a label that bans his supporters from running...

Pakistan news: View: Pakistan should stop looking to leverage the Taliban

Pakistan’s founder, Mohammad Ali Jinnah, was convinced his fledgling nation’s most valuable asset was its location. In an interview a month after independence...