The National Thermal Power Corporation (NTPC) has announced plans to acquire least 1GW of operational solar power projects across India.

The company has issued a request for proposals (RfPs) to acquire the projects. It is seeking a two-stage proposal comprising techno-commercial proposals, which are to be submitted by 22 September, and price bids.

The company seeks to acquire the projects from promoters, lenders, generation companies, independent power producers and developers.

NTPC said: “The company is also contemplating to increase its renewable generation capacity through acquisition of Operation Solar based Power Assets located in India for a minimum capacity of 1000 MW.

“The offered Asset(s) can be either an Special Purpose Vehicle (SPV) wherein the applicant intends to offer their 100% equity for sale to NTPC or it can be a standalone Asset(s) which the applicant intends to offer for possible acquisition by NTPC.”

NTPC aims to have at least 32GW of renewable energy assets by 2032

A tariff lower than or equal to INR 5 ($0.067) per unit, approved by the respective state or Central Regulatory Commission, and an installed operational capacity of 50MW at a single site, are the other criteria mentioned in the RfP, Mint reported.

The deal is part of NTPC’s aim to have at least 32GW of renewable energy assets by 2032. At present, the company has approximately 2,298MW of renewable energy projects under construction.

In May this year, Oil and Natural Gas Corporation (ONGC) and NTPC entered into a Memorandum of Understanding (MoU) to set up a new joint venture company to expand their renewable energy business.