State-owned NTPC arm gets 500 MW renewable energy project from REMCL

State-owned power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPCREL) has bagged a 500 MW renewable energy round-the-clock (RE-RTC) project.

The work has been awarded by REMCL, which is a joint venture (JV) company of the Ministry of Railways and RITES Ltd, NTPC said in a statement.

"NTPC REL, a wholly-owned subsidiary of NGEL which in turn is a subsidiary of NTPC Limited, received Letter of Acceptance for 500 MW RE-RTC power from REMCL," it said.

The capacity has been won in a competitive bidding process for a total 900 MW RE-RTC on offer, NTPC said, adding a power purchase agreement (PPA) will be signed with Indian Railways for 25 years.

Through a combination of solar and wind power, the project would supply round-the-clock green energy to REMCL.

NTPC, under the Ministry of Power, is the country's largest power producing company.