(LiveMint)
NTPC Ltd, India’s largest power generator, plans to partner with National Investment and Infrastructure Fund (NIIF), the country’s quasi-sovereign wealth fund, and Oil and Natural Gas Corporation (ONGC) to acquire and develop green energy assets, including offshore wind projects. The plans were contained in a letter to shareholders by NTPC chairman and managing director Gurdeep Singh in the company’s annual report for FY21. “Further, efforts are on for partnering with NIIF and ONGC for exploring opportunities in acquisitions and development of renewable assets, including offshore wind,” Singh said in his letter.
NTPC’s strategy gains significance as the ministry of new and renewable energy has set a target of adding 30 gigawatts (GW) of offshore wind energy projects by 2030. India plans to leverage scale to lower offshore energy tariffs by harnessing the enormous wind power potential along its 7,600km coastline. NTPC is, meanwhile, preparing to list its clean energy units NTPC Renewable Energy Limited (NTPC REL) and NTPC Vidyut Vyapar Nigam Ltd (NVVN). The company has set an ambitious aim of 60 GW renewable energy capacity by 2032 from the existing 4.7 GW. It plans to invest ₹1 trillion between 2019 and 2024 to become a 130GW power producer by 2032.
