India's NTPC has plans to invest over $23 billion in renewable energy in Madhya Pradesh

The Indian state-owned power company NTPC announced on Monday that it will invest over 2 trillion rupees (about $23,07 billion) in renewable energy projects located in Madhya Pradesh.

The company has announced several investments in renewable energy that it plans to make.

Next couple of decades

India is moving away from fossil fuels.

The company, and its subsidiary NTPC Green Energy, signed agreements with state governments for investments that covered projects based on solar power, wind power, pump hydro, and other carbon neutral resources. The time period for the investment was not specified.

The project included the installation of a 20-gigawatt capacity for an investment of 1.2 trillion rupees.

The remaining funds will be used to build 800 megawatts pumped hydroelectric power storage projects and other non-fossil energy power plants within the state.

Separately, Adani Group announced on Monday investments worth 1.1 billion rupees for the state, including in hydroelectric energy storage, cement mining, smart meters and thermal power.

The group has also been in discussions with the state to invest an additional 1 trillion rupees into a smart city project, an airport, and a coal-gasification project. $1 = 86.6820 Indian Rupees (Reporting and editing by Ananta Das and Yagnoseni Agarwal in Bengaluru)

(source: Reuters)