NTPC Limited said it entered into a memorandum of understating (MoU) with the National Investment and Infrastructure Fund (NIIF) to explore new opportunities for investment in areas of power distribution and renewable energy.

NIIF is a collaborative investment platform for Indian and international investors anchored by the Government of India. The two entities will collaborate to help build sustainable and robust energy infrastructure in the country. The pact will leverage NTPC’s technical expertise and NIIF’s capital-raising capabilities to achieve this goal. According to NIIF Limited, it manages over $4.3 billion of equity capital commitments across its three funds – Master Fund, Fund of Funds, and Strategic Opportunities Fund.

In its press statement, NTPC added that it targets to source nearly 30 GW of its overall power generation capacity from renewable energy sources by 2032. This pact will help the leading power producer of the country achieve this target.

According to Mercom’s India Solar Project Tracker, NTPC has 875 MW of large-scale solar projects in operation, and about 2.1 GW capacity is currently under development.

Recently, NTPC invited applications globally to enlist vendors to procure solar modules. The tentative capacity for the procurement of solar PV modules in the current financial year has been set at 1 GW, while 2-2.5 GW has been planned for the subsequent years.

Also, the Republic of Mali recently awarded a project management consultancy contract to NTPC Limited for the development of a 500 MW solar park in the country. With this, Mali has become the second African country that is consulting with NTPC to develop solar projects. In February 2020, NTPC was awarded the letter of engagement as the project management consultant for the development of 300 MW of solar power projects in Togo.

Meanwhile, last year, NIIF and Energy Efficiency Services Limited (EESL), announced a new joint venture called Intellismart Infrastructure Private Limited. The joint venture was formed to implement, finance, and operate the smart meter roll-out program of power distribution companies.