By Business India Editorial

National Thermal Power Corporation (NTPC), India’s largest power generator, is partnering with National Investment and Infrastructure Fund (NIIF) and Oil and Natural Gas Corporation (ONGC) to acquire and develop green energy assets, which includes offshore wind projects.

In a letter to shareholders, NTPC’s chairman and managing director Gurdeep Singh said: “Efforts are on for partnering with NIIF and ONGC for exploring opportunities in acquisitions and development of renewable assets, including offshore wind.”

The corporation’s move is significant in the context that the ministry of new and renewable energy has set a target of adding 30 gigawatts (GW) of offshore wind energy projects by 2030.

India is proactive in tapping the huge wind power potential along the country’s 7,600 km coastline for lower offshore energy tariffs. NTPC is ambitious in its plans to become a 130 gigawatts power producer, which includes 60 GW renewable energy, by 2032 from the present 4.7 GW. The corporation has earmarked to spend Rs1 lakh crore between 2019 and 2024 for the 130 GW target.

NTPC group, which posted a net profit of $1.85 billion in FY21, has also set an aim of 10 per cent reduction in net energy intensity. The state-run company has an installed capacity of about 67 GW across 70 power projects, with 18 GW under construction.

Currently, NTPC has nearly 1.5 GW of operational renewable capacity, 3 GW projects are in 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, the chairman said.

The country’s power demand has hit an all-time high of 200 GW. But the Union government is bent on pushing for green energy. By the end of July, solar and wind generation recorded an all-time high of 43.1GW.

NTPC is also looking to leverage hydrogen for transportation by mixing the fuel with natural gas for City Gas Distribution (CGD) network. NTPC REL has also signed a pact with the Union Territory of Ladakh for a green hydrogen mobility project.