Power Giant NTPC’s arm NREL to float construction tender worth INR 15000 crore by February 2022
- ByTejika Bajaj | December 30, 2021
The State owned power giant NTPC’s renewable energy arm NTPC Renewable Energy Ltd (NREL), in an attempt to set up a 3W renewable energy project with a battery storage system, is likely to float a tender for global engineering procurement and construction worth INR 15,000 crore by February 2022.
This tender marks significant strategic importance for the country as it is in line with the ambitious target of the country to have 175 GW of renewable energy by 2022 including 100 GW of Solar Energy and 60 GW of wind energy.
A 100 per cent subsidiary of the NTPC group, NREL currently has a consolidated project portfolio of 3,850 GW out of which 970 MW projects are still under construction whereas the remaining are at different phases of implementation. The renewable energy subsidiary aims to install 60GW of renewable energy projects in the country by 2032 which would cost a sum of INR 2.5 lakh crore to be carried out.
Incorporated in October 2020, NREL encompasses a plethora of renewable energy projects thus carving a niche in the sustainable energy market. The subsidiary aims to also bring in a group of strategic investors on board by diluting its equity by 50% by 2022.
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