NTPC’s new unit, NTPC Parmanu Urja Nigam, is expected to spearhead investments, possibly through partnerships. Credit: Piotr Swat/Shutterstock.

Indian state power company NTPC is set to invest $62bn expanding its nuclear power capacity to 30GW over the two decades to 2044.

The ambitious plan, three times the initial target, follows the government’s decision to open the sector to foreign and private investment, as reported by Reuters.

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NTPC, primarily known for its coal-fired plants, is reportedly seeking land for this project. The company faces challenges due to local resistance to nuclear projects.

NTPC plans to lead India’s nuclear power plan as it did in the thermal sector.

The country aims to establish 500GW of non-fossil fuel electricity generation capacity by 2030 and at least 100GW capacity in nuclear power sources by 2047.

The Nuclear Power Corp of India operates almost 8GW of nuclear capacity, with plans to reach 20GW by 2032.

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NTPC is constructing two 2.6GW plants in collaboration with Nuclear Power Corp in the states of Madhya Pradesh and Rajasthan.

The company is also seeking early approvals for land in eight states to conduct detailed studies at 27 locations including Gujarat, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh and Tamil Nadu.

Private utilities and conglomerates such as Tata Power, Vedanta, Reliance Industries and Adani Power have shown interest in nuclear power.

NTPC’s new unit, NTPC Parmanu Urja Nigam, is expected to spearhead investments, possibly through partnerships.

The company is also in discussions with foreign companies, including from Russia and the US, for small nuclear reactors.

Potential partners include France’s EDF, General Electric and Holtec International.

EDF expressed readiness to collaborate on a small modular reactor project, while Holtec International is in early talks with NTPC.

India’s Prime Minister Narendra Modi recently discussed nuclear industry development with France and the US.

Indian Finance Minister Nirmala Sitharaman has proposed amending the Atomic Energy Act of 1962 and the Civil Liability for Nuclear Damage Act 2010 to encourage foreign investment.