NHPC Limited has set up a new wholly owned subsidiary company namely “NHPC Renewable Energy Limited (NREL)” for development of renewable energy, Small Hydro and Green Hydrogen based business of NHPC.
The Subsidiary has been incorporated with the Registrar of Companies, NCT of Delhi and Haryana.
Speaking on the occasion, NHPC CMD A K Singh said that the company has envisaged to become a global leading organisation for sustainable development of clean power.
Singh added that the incorporation of NHPC Renewable Energy Limited shows the company’s deep commitment towards tapping renewable energy which helps in reduction of carbon emissions and in producing clean and green energy.
The decision of setting up a subsidiary for renewable energy comes at a time when NHPC which is predominantly a Hydro player, and plans to increase the share of renewable energy in its generation portfolio, a Power Ministry release said on Friday (18 February).
Earlier, the formation of the separate renewable energy unit got the nod of Department of Investment and Public Asset Management (DIPAM) and NITI Aayog in December 2021.
The subsidiary company shall develop renewable energy projects either in stand-alone mode or through formation of Special Purpose Vehicles with collaboration of other agencies, the ministry said.
Currently, NHPC’s total installed generation capacity stands at 7,071 mega-watt (MW) which includes 100 MW of solar and wind energy-based plants.
Another 5,999 MW of Hydro and 105 MW of solar plants are under construction.
NHPC is expanding its renewable energy portfolio and has taken up several projects under different modes, which are presently under tendering or development stage.
Recently, NHPC signed Letter of Intent with Rajasthan Renewable Energy Corporation Limited (RRECL) for development of 10,000 MW renewable energy projects and parks in Rajasthan.