India’s largest power generating company NTPC Limited has joined hands with National Investment and Infrastructure Fund Limited (NIIF) for investments in the renewable energy, power distribution sectors in India. NTPC signed an MoU with NIIF on Thursday to “explore investments in areas like renewable, distribution among other areas of mutual interest in India.”

The company in a public statement said the collaboration would further help India’s vision of building sustainable and robust energy infrastructure in the country. “This partnership aims to bring together NTPC’s technical expertise and NIIF’s ability to raise capital and bring in global best practices by leveraging its existing relationships with leading players,” said the statement.

NTPC is planning to build 30 Gw of its overall power generation capacity from renewable energy sources by 2032. It currently has a total installed capacity of 62 Gw, with close to 80 per cent thermal power. The company also plans to enter power distribution in states and union territories. It already has a venture for captive coal mining.

NIIF is a collaborative investment platform for global and Indian investors, anchored by the Government of India and currently manages $4.3 billion of equity capital commitments across three funds, each with a distinct investment strategy.

Recently, global energy manager BP invested $70 million in the Green Growth Equity Fund (GGEF) promoted NIIF and the UK government. BP will also be a limited partner and have representation on the fund’s advisory board.

According to an official statement, this investment would aid GGEF in rapidly scaling up no carbon and low carbon solutions that are commercially viable, which will help India achieve its climate goals. It also provides a platform for BP to co-invest in a variety of green projects in India alongside GGEF.