NGEL Signs Agreement with NREDCAP to Set up Renewable Energy Projects – EQ
In Short : NGEL Signs Agreement with NREDCAP: NTPC Green Energy Limited (NGEL) has signed an agreement with the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) to develop renewable energy projects in the state. The collaboration aims to accelerate the deployment of solar and wind energy, contributing to India’s clean energy goals and boosting the state’s renewable energy capacity.
In Detail : NTPC Green Energy Ltd (NGEL) and the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) formalized a joint venture to establish renewable energy projects worth ₹2 lakh crore in Andhra Pradesh.
The agreement was signed in the presence of Chief Minister N. Chandrababu Naidu.
Ambitious Renewable Energy Goals
The Chief Minister emphasized about the state’s commitment to becoming a clean energy hub under the recently launched Integrated Clean Energy (ICE) Policy 2024.
He stated, “The focus will be on 25 GW of solar and wind energy, 10 GW of pumped storage, and 0.5 MMTPA of green hydrogen.”
The venture will advance India’s green energy transition and also boost Andhra Pradesh’s position as a leader in renewable energy.
Economic Benefits
The project is expected to generate financial benefits of ₹20,620 crore over twenty-five years.
NGEL will handle financing, technical support, and central clearances, while NREDCAP will identify suitable sites, ensure encumbrance-free land, and secure state-level permits.
NGEL’s Role in India’s Green Energy Mission
NGEL is the green energy arm of the National Thermal Power Corporation (NTPC). It leads NTPC’s transition to achieve a renewable energy capacity of 60 GW by FY 2032.
The company undertakes projects using organic and inorganic approaches, reflecting its role as a key player in India’s green energy revolution.
Clean Energy Policy
The collaboration aligns with Andhra Pradesh’s Integrated Clean Energy Policy 2024, which sets ambitious targets for renewable energy development.
The state aims to establish 78.5 GW of solar, 35 GW of wind, and 25 GWh of battery storage capacity. It ensures sustainable growth and contributing to India’s net-zero goals.
As reported by tribuneindia.com, the forward-looking policy aims to foster a circular economy. It also seeks to solidify Andhra Pradesh’s reputation as a renewable energy powerhouse.
