NTPC okays Rs. 1,779 cr investment for phase-1 AP solar project.

NTPC Ltd's board of directors on Tuesday approved an investment of Rs. 1,779.25 crore for the Anantapur Solar PV Project, Stage-I (5x50MW) in Andhra Pradesh.

This is the first phase of the 1,000 MW ultra mega solar power project.

Last week, the company had entered into a power purchase agreement with state electricity distribution utilities Andhra Pradesh Eastern Power Distribution Company Ltd. and Andhra Pradesh Southern Power Distribution Company Ltd. for the first phase.

The tariff for energy supplied from this solar plant has been fixed at Rs. 6.16 per unit for a period of twenty five years.

The power generation cost may further come down with regard to the remaining 750 MW capacity as that portion of the project would be undertaken through global bidding process unlike in the first phase where only the domestic vendors were involved.

NTPC plans to install 3000 MW of solar PV capacity during the financial year as compared to the existing installed capacity of 110 MW.

HBL