NTPC Renewable Energy Ltd (REL), a wholly-owned subsidiary of NTPC Ltd, has signed a Green Term Loan agreement with the Bank of India to finance an aggregate 670 MW of solar projects.
Under the pact, the Bank of India shall provide INR 500 crore at a very competitive rate with a tenor of 15 years. NTPC REL shall use the amount for its 470 MW solar project in Rajasthan and 200 MW in Gujarat.
NTPC REL currently has a renewable project portfolio of 3,450 MW, of which 820 MW projects are under construction and 2,630 MW projects have been won with PPAs pending to be executed.
NTPC formed NTPC REL to add renewables through a focused approach as it plans to create a renewables portfolio as large as the thermal portfolio. Accordingly, it has revised renewable targets to 60 GW from 30 GW by 2032.
NTPC won 15% (1,560 MW) of renewable bids finalized in the country in FY 2020-21 and 325 MW in FY 2021-22 till date by competing with various players in the sector. Currently, it has nearly 1.5 GW of operational renewable capacity, 3 GW projects are in the development stage and tenders have been issued for 5 GW of new capacity. Under outsourced/developer mode, 4.7 GW is operational, and 790 MW is under construction.
NTPC REL has also received approval from the Ministry of New and Renewable Energy to set up a 4,750 MW renewable energy park in Rann of Kutch in Gujarat, which, when operational, will be the largest in the country. Approval has also been received from the Government of Madhya Pradesh to develop a solar plant in the land acquired for a coal-based plant.
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