NTPC eyes building 5GW mega solar park

The project could cost as much as $3.48b.

Bloomberg reports that India's NTPC plans to set up a 5GW solar park in the state of Gujarat, which could be the country's biggest solar project yet, over its shift towards renewable energy.

A site has been identified for the project, which is expected to cost as much as 250 billion rupees ($3.48b) and begin operations by 2024, according to a company official, who asked not to be named as the plan isn't public yet. The company may also invite bids from developers to set up projects in the park.

The plan is part of the NTPC's aim to build 32GW of renewable capacity by 2032 and reduce the share of fossil fuels in its energy mix to 70% from about 96% now. Government regulations to cap emissions from coal-fired power plants, which increase the costs of building such projects, have also prompted the New Delhi-based company to turn to green energy for growth.

Read the full report here.