State-owned NLC India Ltd on Saturday announced that its renewable energy arm has entered into a joint venture agreement with Assam Power Distribution Company Ltd (APDCL) to develop 1000 MW solar power projects in the state. As per the agreement, NLC India Renewables Limited (NIRL) will hold 51 per cent equity shareholding in the joint venture, while APDCL will hold 49 per cent.
NIRL will bring its expertise in renewable energy project development. APDCL will facilitate power extraction and land acquisition, regulatory approvals infrastructure. According to the NLC statement, power purchase agreements (PPAs) will be signed with Assam DISCOMs for the sale of 100 per cent of the power generated for 25 years.
NIRL Chairman Prasanna Kumar Motupalli said, “This initiative will not only ensure energy security for Assam, but will also accelerate socio-economic development by creating green jobs and enhancing the sustainability index of the state.” The joint venture aims to meet the growing energy demands of Assam by developing renewable energy projects, ensuring affordable and reliable power supply and contributing to the long-term energy security of the state. The statement said this partnership is in line with the Government of India's focus on increasing the penetration of renewable energy in the country's energy mix to combat climate change and support sustainable development.
The joint venture company is set to play a key role in meeting the energy needs of Assam and meeting the renewable purchase obligation in an environmentally responsible manner. It will focus on deployment of innovative technologies to maximize efficiency and reduce carbon footprint, paving the way for a green future. This joint venture represents a significant collaboration to promote green energy and sustainable development in Assam, meeting the state's energy needs while aligning with India's renewable energy goals. NLC India Renewables Limited (NIRL), as the renewable energy arm of NLC India Limited, is focused on consolidating the renewable assets of its parent organization and leading future renewable energy projects.
Established to enhance operational efficiency and streamline renewable energy investments, NIRL plays a key role in furthering NLC India's vision of contributing to the nation's energy transition while maintaining environmental sustainability, the statement said.
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