NTPC seeks developers for 900 MW solar park in Cuba

State-owned NTPC has issued a call for tenders from developers to build a 900 megawatt (MW) solar park in the Republic of Cuba.

NTPC, within the framework of the International Solar Alliance (ISA) program, will support Cuba in the selection process, the signing of the relevant agreements and the supervision of the project’s implementation until commissioning. NTPC is the project management consultant for the ISA platform, which aims to promote solar technology in countries located between the Tropics of Cancer and Capricorn. Cuba is a member of the treaty-based intergovernmental organization, headquartered in India.

Through ISA, NTPC has also obtained project management consultancy assignments for 500 MW in the Republic of Mali, 100 MW in the Republic of Malawi and 285 MW in the Republic of Togo. It was the first Indian energy company to declare its energy pact targets at the United Nations High Level Energy Dialogue. The company aims to reduce net energy intensity by 10% by 2030 and reach 60,000 MW of green capacity by 2032, from the current level of around 1,300 MW. The NTPC also said it would form at least two international alliances to facilitate clean energy research and promote sustainability in the energy value chain by 2025.

The company recently invited bids from banks and financial institutions to raise $750 million in external commercial debt to fund its capital expenditures and refinance its existing loans. As FE reported earlier, it is also looking for strategic investors to get rid of part of its wholly-owned subsidiary NTPC Renewable Energy, before launching its initial public offering. In the first six months of the current financial year, NTPC issued bonds totaling Rs 6,996 crore at an average borrowing cost of 5.96%.