NTPC Green Energy Ltd inks pact for setting up battery storage projects in Bihar
The agreement was signed between Sarit Maheswari, CEO (NGEL), and Abdesh Kumar Singh, Director Technical (BSPGCL), in the presence of Minister of Energy, Planning and Development, Bihar, Bijendra Prasad Yadav and other senior officials from the state government.
The MoU comes close on the heels of NTPC Green Energy Ltd winning a 1,000 MW capacity solar PV power project auction of Uttar Pradesh Power Corporation Limited last month. The company signed a Power Purchase Agreement (PPA) at a discovered tariff of Rs 2.56 per kWh.
The Cabinet Committee on Economic Affairs, earlier this month, enhanced the financial powers of NTPC Limited from Rs 7,500 crore to Rs 20,000 crore for Renewable Energy capacity addition.
As India's leading power utility, NTPC aims to add 60 GW of Renewable Energy Capacity by 2032, which will help the country move towards its larger aim of having 'Net Zero' emissions by 2070.
The enhanced financial powers given to NTPC and NGEL will facilitate the accelerated development of renewable projects in the country. This move will also play a vital role in strengthening power infrastructure and ensuring investment in providing reliable, round-the-clock electricity access across the nation, according to an official statement.
Renewable Energy projects will also generate direct and indirect employment opportunities for the local people at the construction stage, as well as during the Operations and Maintenance Stage. This shall provide a boost to local suppliers, local enterprises/ MSMEs and shall encourage the entrepreneurship opportunities within the country, besides promoting employment and socio-economic development of the country, the statement said.
India has achieved a landmark in its energy transition journey by reaching 50 per cent of its installed electricity capacity from non-fossil fuel sources - five years ahead of the target set under its Nationally Determined Contributions to the Paris Agreement. The country is aiming to reach 500 GW of non-fossil energy capacity by 2030.
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