NTPC Gets Cabinet Nod To Invest Up To Rs 20,000 Crore In Renewable Energy

The Union Cabinet on Wednesday granted NTPC Ltd. approval to invest up to Rs 20,000 crore in renewable energy, according to Union Minister Ashwini Vaishnaw.

"The Prime Minister's commitment to renewable energy is well known all over the world. We have achieved some of the goals in terms of renewable energy set for 2030 in 2025 itself. And now NTPC is free to invest up to 20,000 crore in renewable energy", he said, while briefing the press following the Cabinet meeting.

"This has been done to empower the company to invest in renewable energy ", the minister added.

NTPC's operational green capacity stands at 6 GW currently, and efforts are underway to expand this to 26 GW and further to 60 GW by the year 2032.

The company is parent to multiple subsidiaries and joint ventures such as NTPC Green Energy Ltd. and NTPC Renewable Energy. The onus for green field capacity addition falls on NTPC Renewable, according to the minister.

"This is a very pivotal decision to boost the growth of green energy in the country", he said.

In additional efforts to boost India's renewable energy capacity, Neyveli Lignite Corporation India Ltd. has also received the Cabinet nod to invest up to Rs 7,000 crore into renewable energy.

"NLC will undergo a re-structuring to bring all the renewable energy projects under it into one single subsidiary so that the efforts become more focused", Ashwini explained.

Another significant decision that the Cabinet has taken is to introduce 'Prime Minister Dhan Dhaanya Krishi Yojana' for the betterment of farmers and the agricultural sector.