India’s state power company the National Thermal Power Corporation (NTPC) has announced plans to invest more than $23bn in renewable energy projects in the state of Madhya Pradesh.
The company, along with its unit NTPC Green Energy, has signed memoranda of understanding (MoUs) with the state government for solar, wind, pump hydro and other carbon-neutral projects.
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The investment includes the development of up to 20GW of renewable energy capacity with an investment of INR1.2tn ($13.8bn).
NTPC will allocate funds to develop an 800MW pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
The specific timeline for these investments has not been disclosed.
Indian multinational conglomerate Adani Group also announced plans to invest INR1.1tn in Madhya Pradesh, focusing on hydroelectric power storage, cement, mining, smart meters and thermal energy.
The group is in discussions with the state government for an additional INR1tn investment in a smart city, an airport and a coal gasification project.
NTPC recently revealed its intention to invest $62bn to expand its nuclear power capacity to 30GW by 2044.
This plan is three times the initial target, following the government’s decision to open the sector to foreign and private investment.
NTPC produces 77GW of electricity capacity while building 29.5GW including 9.6GW of renewable energy capacity. The company seeks to offer sustainable and clean power for an affordable price by 2032.
In early 2025, NTPC Renewable Energy, a subsidiary of NTPC Green Energy which is the renewable arm of NTPC, secured 1GW of capacity in a solar PV power project auction by the Uttar Pradesh Power Corporation.
The auction, held on 3 January 2025, was part of an initiative to develop 2GW of Inter-State Transmission system (ISTS)-connected solar PV power projects across India.
