The Cabinet Committee on Economic Affairs on Wednesday approved an enhanced delegation of powers to NTPC Limited, allowing the state-owned power giant to invest up to Rs. 20,000 crore in its subsidiary, NTPC Green Energy Limited (NGEL), and subsequently in NTPC Renewable Energy Limited (NREL) and other joint ventures or subsidiaries. This marks a significant increase from the previous limit of Rs. 7,500 crore, aimed at accelerating the development of renewable energy projects to achieve NTPC’s target of 60 GW renewable energy capacity by 2032.
This decision is set to expedite the growth of renewable energy infrastructure across India, strengthening the nation’s power grid and ensuring reliable, round-the-clock electricity access. The initiative is expected to create substantial direct and indirect employment opportunities, particularly during the construction and operation phases of renewable energy projects. Local suppliers, MSMEs, and entrepreneurs will benefit, fostering economic growth and supporting India’s socio-economic development.
India has already surpassed a key milestone in its energy transition, achieving 50% of its installed electricity capacity from non-fossil fuel sources five years ahead of its Paris Agreement targets. The country is now working toward a goal of 500 GW of non-fossil energy capacity by 2030, with NTPC playing a pivotal role in this journey. The company’s ambitious plan to add 60 GW of renewable energy capacity by 2032 aligns with India’s broader vision of achieving net-zero emissions by 2070.
NGEL, NTPC’s listed subsidiary, is leading the charge in renewable energy expansion through both organic and inorganic growth. Its wholly-owned subsidiary, NREL, is central to these efforts. NGEL has also forged strategic partnerships with various state governments and central public sector undertakings for renewable energy project development. Currently, NGEL boasts a robust portfolio of approximately 32 GW of renewable energy capacity, including 6 GW operational, 17 GW contracted or awarded, and a pipeline of 9 GW.
