MoU signed to facilitate development of solar projects, renewable energy parks, and energy storage
NTPC Green Energy Limited (NGEL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) have joined forces to support the development of renewable energy parks and projects in India.
A Memorandum of Understanding (MoU) was signed between the two entities on May 31, 2023, at NRHQ in Lucknow.
The signing ceremony took place in the presence of key officials, including Shri Mohit Bhargava, CEO of NGEL, Shri Nidhi Kumar Narang, Director (Finance) of UPRVUNL, Shri P. Guruprasad (IAS), MD of UPRVUNL, and Shri Praveen Saxena, Regional Executive Director (NR) of NTPC. Other senior officials from NTPC, NGEL, and UPRVUNL also attended the event.
The MoU outlines the collaboration between NGEL and UPRVUNL in the renewable energy sector. The two entities plan to establish floating and ground-mounted solar projects in the Rihand reservoir, as well as utilize other water bodies and available vacant land for renewable energy development. Additionally, they aim to develop a solar PV project dedicated to solarizing Ayodhya city. Furthermore, NGEL and UPRVUNL will work together to set up renewable energy parks and projects wherever suitable land is available.
To fulfill renewable generation obligations and enhance flexibility in generation and scheduling of thermal/hydro power stations, NGEL and UPRVUNL will jointly form a Joint Venture Company (JVC). This JVC will explore opportunities for bundling renewable energy with thermal/hydro power generation and energy storage.
NTPC, India’s largest power utility, currently boasts a total installed capacity of approximately 72 GW, including its joint ventures and subsidiaries. As part of its efforts to expand its renewable energy portfolio, NTPC has established a fully owned subsidiary named NTPC Green Energy Limited (NGEL). NGEL will focus on developing renewable energy parks and projects, including initiatives in green hydrogen, energy storage technologies, and round-the-clock renewable energy generation.
UPRVUNL, on the other hand, was established with the purpose of setting up and operating power-generating stations in Uttar Pradesh. Currently, UPRVUNL operates four thermal power stations within the state, with a combined installed capacity of 5,820 MW. Additionally, UPRVUNL has a joint venture with NTPC for a 1,320 MW thermal power station. UPRVUNL aims to expand its capacity further, with plans to add 3,300 MW through supercritical technology and an additional 1,980 MW in joint ventures with other Central Public Sector Enterprises (CPSEs). The organization is now looking to diversify into the renewable energy and energy storage sectors.