NEW DELHI (Reuters) - India’s state-run hydroelectricity producer NHPC Ltd plans to raise its capacity by about 30 percent to 10 gigawatts (GW) by 2022, its Chairman Balraj Joshi said on Monday.
Thermal power accounts for about three-fifths of India’s installed capacity of 350 GW. New Delhi has set a target to install 175 GW of renewable energy capacity by 2022.
The company’s current generation capacity, including its joint venture projects, is about 7.1 GW, Joshi said.
India’s cabinet last week approved the construction of a 624 megawatt (MW) project in the northern state of Jammu and Kashmir, and cleared the buyout of a hydro power project in the north eastern state of Sikkim, boosting NHPC shares on Friday.
NHPC plans a capital expenditure of 38 billion rupees ($543.79 million) for the fiscal year to March 2020, compared to about 20 billion rupees so far in this fiscal year, he said.
The company hopes to start two projects with a capacity of 1400 MW in the north eastern state of Arunachal Pradesh after the elections, both of which are facing local protests over displacement and environmental concerns.
“We are lying low for now,” Joshi told reporters.
The company has shelved its 1,320 MW coal-fired power project in the northern state of Bihar, which it had advertised as a move to diversify its portfolio, over a lack of coal availability, he said.
“We have no plans to invest in coal-fired plants in the near future,” Joshi said.
Reporting by Sudarshan Varadhan; Editing by Shreejay Sinha and Jan Harvey