NTPC Renewable Energy bags 1,000-MW solar power project

The tender was aimed at the "Selection of Solar Power Developers for Setting up 2000 MW ISTS-connected Solar PV Power Projects in India under Tariff-Based Competitive Bidding" and was conducted on January 3.

NTPC Renewable Energy Limited has won the bid for a  1000-MW in Uttar Pradesh. According to a filing on BSE on January 4, the renewable energy company emerged as a successful bidder in the e-reverse auction conducted by Uttar Pradesh Power Corporation Limited (UPPCL).

The tender was  aimed at the "Selection of Solar Power Developers for Setting up 2000 MW ISTS-connected Solar PV Power Projects in India under Tariff-Based Competitive Bidding" and was conducted on January 3.

According to the release, NTPC Renewable Energy has secured a capacity of 1000 MW at a tariff of Rs 2.56/kWh and is currently awaiting the Letter of Award (LOA) from UPPCL.

NTPC Renewable Energy is a wholly-owned (unlisted) subsidiary of NTPC Green Energy. The stock for NTPC Green Energy closed at Rs 128.10 on January 5, around 0.12 percent higher. The stock has gained around 5 percent since listing on November 27.

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NTPC Renewable Energy was set up as a wholly-owned subsidiary of NTPC Green in 2020. According to the company website, the company is focussed on "taking up large Solar, Wind and Hybrid Projects all over the country and developing Gigawatt scale Renewable Energy Parks and Projects in different states under UMREPP (Ultra Mega Renewable Energy Power Park) scheme of Government of India." It is also working on Green Hydrogen based Mobility and ESG projects.

NTPC Green Energy recently also announced that it has signed an MoU with the Department of Industries, Government of Bihar. According to an exchange filing, the MoU was for investments in Bihar to establish renewable energy projects, including Ground-mounted and floating solar installations, Battery energy storage systems, and Green hydrogen mobility initiatives etc. The Government of Bihar will facilitate the necessary permissions, registrations, approvals, and clearances from concerned departments, agencies, and authorities to support the projects.