NTPC Renewable Energy Ltd. (NTPC REL) has secured a letter of award from REC Power Development and Consultancy (RECPDCL) to develop a 550 MW solar project. It won it at a tariff of INR 2.56 ($0.031)/kWh through competitive bidding in the RECPDCL auction.
NTPC REL has secured a letter of award for a 550 MW solar project at a tariff of INR 2.56/kWh. The company won the capacity in REC Power Development and Consultancy’s auction for 1.25 GW of solar projects connected to the interstate transmission system (ISTS).
NTPC REL will execute the project on a build-own-operate basis. The power will be used under the Indian government's August 2022 scheme for flexibility in generation and the scheduling of thermal power stations through bundling with renewable capacity. The project must be executed within 18 months.
“With the allotment of this 550 MW capacity, NTPC REL will have to execute more than 2 GW of renewable energy projects to fulfill the capacity won through tariff-based competitive bidding in Q1 2023 alone,” said NTPC.
NTPC Group now has 3.3 GW of operational renewables capacity, with another 6 GW under different stages of implementation and 12 GW under tendering, including 4 GW of energy storage system. It aims to reach 60 GW of renewable energy capacity by 2032, in addition to its plans for green hydrogen technology and energy storage.
