According to two government sources who spoke to Reuters, India plans to extend an invitation to private companies to invest roughly $26 billion in its nuclear energy sector. The goal is to increase the amount of electricity derived from non-carbon dioxide emitting sources.
For the first time, nuclear power—a non-carbon-emitting energy source that accounts for less than 2% of India’s total electricity generation—is being pursued by New Delhi for private investment. With the funding, India would be able to meet its goal of using non-fossil fuels for 50% of its installed electric generation capacity by 2030, as opposed to the current 42%.
The government is in negotiations to invest about 440 billion rupees each with at least five private companies, including Reliance Industries, Tata Power, Adani Power, and Vedanta Ltd, informed two sources related to the matter.
According to the sources, the state-run Nuclear Power Corp of India Ltd (NPCIL) and the federal Department of Atomic Energy have had several rounds of discussions about the investment plan with the private companies over the past year.
According to unidentified sources, the government intends to use the investment to construct 11,000 megawatts (MW) of additional nuclear power generation capacity by 2040. The sources stated that the plan is still in the final stages of development.
The present fleet of nuclear power plants in India, with a combined capacity of 7,500 MW, is owned and operated by NPCIL, which has also committed investments for an additional 13,000 MW.
