Forming a joint venture to develop and operate renewable and emerging green technologies, NLC India and PTC expand clean energy plans
NLC India Renewables Limited, a wholly owned subsidiary of NLC India Limited, has signed a joint venture agreement with PTC India to develop large scale green energy projects, marking an expansion of the state owned miner’s renewable energy ambitions.
The joint venture, formalised at Neyveli, follows a memorandum of understanding signed by the two companies in September. Under the agreement, the partners plan to develop up to 2,000 MW of green energy capacity in a phased manner, with the first phase targeting around 500 MW.
The venture will focus on establishing, operating and maintaining a wide range of renewable energy projects, including solar, wind and hydro power, battery energy storage systems, green ammonia and other emerging green technologies. NLC said the new joint venture company would combine the strengths of both partners in project development, power trading, renewable energy park creation and integrated green energy solutions.
Power generated by the projects will be sold through a mix of competitive and regulated routes, with the joint venture targeting distribution companies, government entities and commercial and industrial consumers, according to the company.
Separately, NLC India has received a letter of acceptance from the National Capital Region Transport Corporation for setting up 110 MW AC grid connected solar photovoltaic power projects in Uttar Pradesh under captive mode. The project will supply power for a period of 25 years under a power purchase agreement.
