Pushing its total capacity to 76.6GW, NTPC Renewable Energy wins a 1,000-MW solar project and forms a JV with Uttar Pradesh Rajya Vidyut Utpadan Nigam.
NTPC Renewable Energy Ltd (NTPC REL), a subsidiary of NTPC Green Energy Ltd (NGEL), has been awarded a 1000MW (1GW) solar power project by Uttar Pradesh Power Corporation Ltd (UPPCL) at a tariff of Rs 2.56 per kWh. The formal letter of award from UPPCL is still awaited, according to a disclosure made on Saturday.
The project was secured through an e-reverse auction held by UPPCL on January 3, which was part of the bidding process for selecting solar power developers to establish 2000MW ISTS-connected solar photovoltaic (PV) power projects across India. NTPC REL emerged as the successful bidder in this competitive auction.
Following this, on Sunday, the company announced a 51:49 joint venture (JV) with Uttar Pradesh Rajya Vidyut Utpadan Nigam. This initiative aims to develop renewable energy projects in the region.
This generated significant interest, and the shares of NTPC Green Energy saw a 3.6% increase, reaching an intraday high of Rs 133.05.
In a separate development, NTPC REL recently began commercial operations for the first phase of the Gujarat Solar PV Project in Sadla. As of December 21, 37.5MW of the 200MW project became operational, following certification from the Gujarat Energy Development Agency on December 26. The project was awarded under the GUVNL/500 MW/Solar (Phase XI) tender. Following these achievements, NTPC’s total installed and commercial capacity has risen to almost 76.6GW.
