NTPC Ltd. and its subsidiary NTPC Green Energy Ltd. (NGEL) has advanced Indian renewable energy initiatives by entering into several memoranda of understanding (MoUs) with the Madhya Pradesh government. At the Global Investors Summit in Bhopal, multiple agreements were concluded, resulting in a projected investment of around Rs 2 lakh crore.
By signing their MoU, NGEL partnered with the Madhya Pradesh Power Generating Company to create renewable energy projects valued at a minimum of 20 GW, requiring about Rs 1,20,000 crore investment. This collaborative alliance enables the establishment of a new enterprise that will address both the renewable generation obligation (RGO) of Madhya Pradesh Generating Company and the renewable purchase obligation (RPO) of the distribution companies in the state.
Under a distinct agreement, NTPC partnered with Madhya Pradesh to create sustainable non-fossil power plants needing an investment of Rs 80,000 crore. The accord suggests creating an 800-MW plant that needs an investment of Rs 4,000 crore for its development.
NTPC fulfills a quarter of India's energy requirements by operating an installed capacity of 77 GW and intends to grow by another 29.5 GW. In accordance with its bold renewable energy expansion plan, the company seeks to reach 60 GW of renewable capacity by 2032.
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