(Reuters) – Indian state power company NTPC will invest more than 2 trillion rupees ($23.07 billion) on renewable energy projects in the central state of Madhya Pradesh, the company said on Monday.
The announcement adds to the several renewable energy investments the company plans to make over the next couple of decades amid India’s push to move away from fossil fuels.
The company and its unit NTPC Green Energy signed agreements with the state government for the investments covering projects based on solar, wind, pump hydro and other carbon neutral sources. Time period for the investments were not given.
One of the projects was to set up capacity of up to 20 gigawatts for 1.2 trillion rupees of investment.
The company will invest the remaining amount in setting up 800 megawatts of pumped hydroelectric storage project and other sustainable non-fossil fuel power plants in the state.
Separately, Adani Group on Monday also announced investments worth 1.1 trillion rupees in the state in hydroelectric power storage, cement, mining, smart meters, and thermal energy.
The group is also in talks with the state government to invest another 1 trillion rupees for a smart city, an airport and a coal gasification project.
($1 = 86.6820 Indian rupees)
(Reporting by Ananta Agarwal and Yagnoseni Das in Bengaluru; Editing by Leroy Leo)
