NLC India has signed a loan agreement with Germany-based bank KfW for €100 million (~$117.32 million) to support its solar and battery energy storage projects.

The loan will also enhance grid reliability, facilitate access to competitive financing, and support diversification of the company’s borrowing portfolio.

NLC India has an installed renewable energy capacity of 1.48 GW, primarily comprising solar and wind projects. The company is developing an additional 2 GW of renewable energy capacity. Some of NLC India’s key projects include a 300 MW solar project in Rajasthan, a 600 MW solar project, a 150 MW hybrid wind-solar project, and a 200 MW Central Public Sector Undertaking solar project, all in Gujarat.

The company is also developing a 4 MW green hydrogen pilot project, 250 MW/500 MWh of battery storage, and 1,700 MW of pumped storage projects. It aims to achieve an approximate renewable energy capacity of 10 GW by 2030 and 32 GW by 2047.

NLC India fully commissioned the 300 MW solar project in Rajasthan, with a final-phase capacity of 141.17 MW. As of this January, NLC India’s total renewable energy capacity stood at 1,766 MW.

The company also approved the listing of its wholly-owned subsidiary, NLC India Renewables (NIRL), on the stock exchanges through the sale of up to 25% of its equity. Further, it approved an investment of ₹666 million (~$7.38 million) in NIRL by subscribing to its equity shares. The transaction would be completed in one or more tranches, at the end of which NLC will have acquired 100% of NIRL’s equity.

NIRL was among the winners of Solar Energy Corporation of India’s Tranche XXI auction to set up 1,200 MW of interstate transmission system-connected solar projects integrated with 600 MW/3,600 MWh energy storage systems. NIRL won 600 MW at a quoted tariff of ₹3.12 (~$0.0346)/kWh.

Last December, NIRL signed a joint venture agreement with PTC India to develop renewable energy projects with a capacity of 2 GW.