The company intends to install 15,000MW over the next seven years, which represents more than fifty-fold increase from its existing solar capacity, as reported by The Economic Times.
NTPC chairman and managing director Arup Roy Choudhury said: "In two years, we’ll do 5,000 MW of solar power from 95 MW now.
"Only if states are willing to buy it from us we’ll put solar, else not."
In February, the company secured approval from the Union Cabinet to set up 15,000MW of solar capacity in three tranches.
The first tranche of 3,000MW is expected to be installed under a mechanism of ‘bundling’ two units of solar with one unit of unallocated thermal power in an effort to lower costs.
Choudhury said: "Bundling is necessary so that people get used to buying clean power in some way as it would bring price of solar energy down."
NTPC, which already named non-availability of unallocated thermal power for bundling and unattractiveness of high cost of solar energy to buyers, mainly states even after bundling as the obstacles in executing its target, now plans to set up solar plants only after signing power purchase agreements with states.
According to Choudhury, the company will use 6,000MW of unallocated energy for bundling, which, at 15% of its total generation, is the power ministry’s quota.
Image: NTPC aims to install 5,000MW of solar power capacity over the next two years. Photo: courtesy of franky24/©2015 FreeDigitalPhotos.net /Wagging Dog Media Limited.
