NTPC Ltd, India’s largest power producer, plans to start building a nuclear power plant in Rajasthan by March with its partner, Nuclear Power Corporation of India Ltd. The project will cost around ₹50,400 crore.
The government is soon expected to approve transferring the project to the joint venture. The 7×400 MW project will cost about ₹18 crore per megawatt.
This project is part of NTPC’s goal to create 10 GW of nuclear power over the next 10 years, with a total investment of ₹1.5 trillion. India currently has about 7 GW of nuclear power, which is considered clean and non-fossil fuel.
Nuclear power will contribute 20 GW to India’s goal of having 500 GW of non-fossil power by 2030.
“We expect to start the project in Rajasthan in the next few months,” said another person familiar with the project. Both sources asked to remain anonymous.
Last year, NTPC and Nuclear Power Corporation signed agreements to jointly develop two nuclear projects: the Mahi Banswara Rajasthan Atomic Power Project (4×700 MW) and the Chutka Madhya Pradesh Atomic Power Project (2×700 MW) through their joint venture, Anushakti Vidhyut Nigam Ltd.
However, NTPC will not be involved in the Madhya Pradesh project, which will be developed by Nuclear Power Corporation alone, one of the sources said.
NTPC and Nuclear Power Corporation did not respond to email queries.
NTPC’s Clean Energy Plans
NTPC is also looking for a partner to help develop small modular reactors. The government announced in its 2024-24 budget that it will partner with private companies to develop these reactors and support research in this area.
These small reactors can be built in factories and have a capacity of up to 300 MW per unit, which is about a third of traditional nuclear reactors. They can be placed in locations where larger plants wouldn’t fit.
India’s nuclear power capacity is expected to reach 13.08 GW in 5 years with seven new nuclear reactors, according to Union minister Jitendra Singh. India currently has 24 nuclear reactors.
NTPC also plans to list its renewable energy company, NTPC Green Ltd, on the stock market, with the IPO expected in November. At the time of the IPO, NTPC Green will have an installed capacity of 4 GW, with another 8 GW under construction.
NTPC Green has chosen IDBI Capital Markets and Securities, HDFC Bank Ltd, IIFL Securities Ltd, and Nuvama Wealth Management as the investment bankers for the IPO.
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