Indian energy conglomerate National Thermal Power Corporation (NTPC) is planning to install 5,000MW of solar power capacity in the country over the next two years.
This forms a part of NTPC’s strategy of installing 15,000MW of solar capacity in the coming seven years.
The move is expected to increase the current solar capacity by more than fifty-fold, The Economic Times reported.
According to the NTPC, states will have to come forward to procure solar energy in order to allow the energy conglomerate to carry on with the plan.
Commenting on the plan, NTPC chairman and managing director Arup Roy Choudhury was quoted by The Economic Times as saying: "In two years, we’ll do 5,000MW of solar power from 95MW now. Only if states are willing to buy it from us we’ll put solar, else not."
Earlier in February, the Union Cabinet had approved NTPC’s plan to increase solar capacity in three tranches.
The first tranche of 3,000MW will be installed under a mechanism of bundling two units of solar with one unit of unallocated thermal power so as to bring costs down.
"Bundling is necessary so that people get used to buying clean power in some way as it would bring price of solar energy down," Choudhury added.
Last year, prime minister Narendra Modi increased renewable energy generation target to 170GW to be achieved by 2022.
This includes 100GW of solar energy, 60GW of wind and the remaining will be a combination of hydel and biomass.