North India Statesman
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The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved the proposal of investment of Rs 20,000 crore in renewable energy by the power company NTPC. The cabinet also approved an investment of Rs 7,000 crore in renewable energy by NLC India. NTPC Green is the renewable energy branch of NTPC.
Taking forward the agenda of India’s agenda of major changes in the energy sector, the Cabinet Committee on Economic Affairs today approved to increase the investment limit of NTPC Limited. With this, this government company will be able to invest up to Rs 20,000 crore in its renewable energy subsidiaries. This limit is much higher than the investment limit of the last Rs 7,500 crore.
The government says that this change will help NTPC to insert new equity in its full -ridden subsidiary NTPC Green Energy Limited, which in turn will provide funding to NTPC Renewable Energy Limited and other joint enterprises or subsidiaries engaged in green energy development. The Minister of Information and Broadcasting said, “This is an equity scheme, it will be implemented as soon as the project is completed.”
India has crossed the 50% mark in power generation capacity established from non-live sources. The company has achieved this feat 5 years before the scheduled time under its commitments to the Paris Agreement. Now the country aims to achieve 500 GW of non-Givash energy capacity by 2030.
NTPC’s renewable energy branch NTPC Green’s stock was trading at Rs 2:45 pm to Rs 112.15 per share, while NLC India shares were trading at 3.65 percent to Rs 283 per share.
