NTPC To Invest Over Rs 2 Lakh Crore In Renewable Energy Projects In Madhya Pradesh

India’s state-run power company, NTPC, has announced plans to invest more than Rs 2 lakh crore ($23.07 billion) in renewable energy projects in Madhya Pradesh, reported Reuters.

The company, along with its subsidiary NTPC Green Energy, signed agreements with the Madhya Pradesh government in February for the development of solar, wind, pumped hydro, and other carbon-neutral power projects.

Scaling Up Renewable Capacity

A significant portion of the investment, Rs 1.2 lakh crore, will be allocated towards setting up a 20-gigawatt clean energy capacity in the state.

The remaining funds will be used to develop an 800-megawatt pumped hydroelectric storage project and other non-fossil fuel-based power plants.

This move aligns with India's broader energy strategy to expand its renewable energy footprint and reduce dependence on coal-based power generation, as the government has set an ambitious target of achieving 500 GW of non-fossil fuel-based electricity capacity by 2030.

Adani Group’s Investment Plans in Madhya Pradesh

Alongside NTPC, the Adani Group also announced Rs 1.1 lakh crore worth of investments in Madhya Pradesh, spanning hydroelectric power storage, cement production, mining, smart meters, and thermal energy. 

Additionally, the company is in discussions with the state government for an additional Rs 1 trillion investment focused on developing a smart city, an airport, and a coal gasification project.

Also Read: India’s GDP Grows 6.2 Per Cent In Q3; FY 2024-25 Growth Pegged At 6.5 Per Cent Amid Manufacturing, Mining Slump