The National Thermal Power Corporation (NTPC) may hit the market next year to raise ₹160 billion (~$2.49 billion) for the expansion of its electricity generation capacity.

According to a report by the Press Trust of India (PTI), the state-run corporation plans to add approximately 6.9 GW of electricity generation capacity by March 2019. The planned increase comes as the company is forecasting a considerable increase in power demand in coming years stemming from the accelerated pace of economic development in the country.

NTPC has set a capital expenditure budget of ₹230 billion (~$ 3.58 billion) for the financial year (FY) 2018-19, down from a budget of ₹280 billion (~$ 4.36 billion) in FY 2017-18 and a budget of  ₹300 billion (~$4.67 billion) in FY 2016-17.

This year’s expenditures are set to include debt as well as equity and will be utilized for greenfield capacity additions, the PTI report said. However, the capital expenditure budget does not include investments that may be required for other projects that the company is interested in acquiring.

Regarding the potential for making renewable capacity additions using the raised amount, PTI quoted a source as saying that NTPC will have the largest share of renewable capacity alongside conventional sources.

Of late, NTPC has been making consistent efforts to increase the share of renewable sources, primarily solar, in its energy mix. Renewables currently account for roughly 2 percent of its total energy portfolio, according to PTI.

In line with its efforts to ramp up the share of renewables in its generation mix, NTPC has also set a target to achieve 32 GW of renewable capacity by the year 2032.

In 2017, NTPC listed a second round of masala bonds on the London Stock Exchange (LSE). The company said it planned to use the proceeds to fund clean energy projects in accordance with the guidelines and regulations set by the Reserve Bank of India (RBI). With the listing, NTPC also expected to tap into investors with a focus on environment and climate change to fund its goal of installing about 2,500 MW of renewable projects every year. Moreover, in the previous year, the government sold a five percent stake in NTPC for $1.03 billion.

Recently, Mercom reported that NTPC was planning to tender 20 GW of grid-connected solar PV projects in coming years. NTPC was also expected to issue tenders for a 250 MW solar project for the New Delhi Municipal Council (NDMC) and for another 750 MW solar project in Anantapur District in Andhra Pradesh.

NTPC is likely to issue tenders for the development of two solar projects in the states of Rajasthan and Gujarat. It is also in the process of deliberating with a few other states like Madhya Pradesh, Tamil Nadu, Odisha, and Maharashtra for the development of solar projects in those states.

That is not all. In line with its plans to expand the base of clean energy in the country, in August 2017, NTPC also announced that it would be developing 20 electric vehicle (EV) charging stations at different locations. It has already successfully set up two EV charging stations at its offices in Noida and Delhi.

According to Mercom’s India Solar Project Tracker, the NTPC had a total large-scale solar installed capacity of 870 MW as of December 2017.