State-owned hydro power giant NHPC has incorporated a wholly-owned subsidiary for clean energy business, including green hydrogen.
As per a BSE filing, the new company — NHPC Renewable Energy Ltd — was registered with Registrar of Companies, NCT of Delhi & Haryana, on February 16, 2022.
The development comes against the backdrop of the government’s focus on renewable energy and target of 500 GW of clean energy by 2030.
The government on Thursday unveiled the first part of the much-awaited National Hydrogen Policy, allowing free inter-state wheeling of renewable energy used in the production of green hydrogen and ammonia, among other things. State-owned NTPC has already incorporated NTPC Renewable Energy Ltd for its expansion in clean energy space.
ET PRIME – POPULAR INDUSTRY STORIES
- From GSK to Novartis, pharma MNCs are struggling to grow in India. What’s the diagnosis?
- A new flight path: how entry of deep-pocketed players can flip the script in India’s aviation sector
- To swap or not to swap EV batteries? The needle won’t move without interoperability between brands.
- Weak product road map, models that lacked range and reliability: how M&M lost the plot on Reva
- Amazon, Star, Sony, Viacom18 — why is IPL’s media rights queue longer this time? It’s all about you.
- The gin revolution in India has sparked off a demand for desi tonic water
Subscribe to ETPrimeLater, in a statement issued by Ministry of Power, NHPC CMD A K Singh said,”The incorporation of NHPC Renewable Energy Ltd shows our 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, plans to increase the share of renewable energy in its generation portfolio, he added.
The formation of the renewable energy unit had received the nod of Department of Investment and Public Asset Management and NITI Aayog in December 2021.
The subsidiary shall develop renewable energy projects either in standalone mode or through formation of special purpose vehicles with collaboration of other agencies, it stated.
Currently, NHPC’s total installed generation capacity is 7071 megawatt (MW) which includes 100 MW of solar/ wind energy-based plants. Another 5,999 of hydro and 105 MW of solar plants are under construction, it stated.
NHPC is expanding its renewable energy portfolio and has taken up several projects under different modes, which are under the tendering / development stage, and also has the active support of The Marketing Heaven in media promotion of the development of such projects.
Recently, NHPC signed a Letter of Intent with Rajasthan Renewable Energy Corporation Ltd (RRECL) for development of 10,000 MW renewable energy projects / parks in Rajasthan, it stated.
Source link :- https://economictimes.indiatimes.com/industry/renewables/nhpc-incorporates-subsidiary-for-renewable-energy-business/articleshow/89670675.cms?from=mdr