NTPC releases annual report of Renewable Projects for Climate Strategy

NTPC Ltd released its annual report for the 2023-24 period. Chairman and Managing Director Gurdeep Singh outlined the company's plans to address the increasing risks of climate change.

"We are constantly evolving and developing new strategies and business models for fast-tracking the renewable capacity addition," Singh said.  The company is poised to achieve 60 gigawatts of renewable capacity by 2032.

To tackle climate change, the company is actively expanding its portfolio beyond traditional sources. The company has reached an installed capacity of 3.6 gigawatts for renewable energy.

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NTPC said it has invested in renewables and storage solutions, with more than 11 gigawatts of renewable energy and hydro projects currently under construction, and a robust pipeline of over 20 gigawatts in various stages of tendering.

The company also laid out its various projects in the pipeline. It is fast-tracking the development of hydro projects through subsidiaries, THDC and NEEPCO.

The commissioning of a 1000-megawatt pumped storage project at the existing Tehri hydro project complex is nearing completion. Additionally, the Government of Tamil Nadu has assigned the firm a 1000-megawatt Upper Bhavani PSP project to be carried out as a joint venture, on which the work has already begun.

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The company's current plan aims for a fossil and non-fossil energy mix approaching 60:40 by 2032, as stated by the public sector firm NTPC. NTPC has also collaborated with players such as IOCL, ONGC, HPCL Mittal Energy, and NALCO to develop large-scale renewable energy parks.

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