India’s largest power producer, NTPC Ltd, is venturing into the global uranium market to secure a stable fuel supply for its ambitious nuclear energy projects.
Established in 1975 as a thermal-based power generator, NTPC has been diversifying its energy portfolio to include renewable and nuclear energy sources. The company currently boasts an installed capacity of 83,026 MW across various fuel sources, including coal, gas, hydro, and solar.
To bolster its nuclear energy initiatives, NTPC has approved a draft Memorandum of Understanding (MoU) with Uranium Corporation of India Ltd (UCIL) for joint techno-commercial due diligence of overseas uranium assets.
This collaboration aims to ensure a consistent and secure supply of uranium fuel for NTPC’s future nuclear projects. The company is also in discussions with U.S.-based Clean Core Thorium Energy to explore the development and deployment of advanced nuclear fuel technologies.
NTPC’s nuclear energy strategy includes both joint ventures and independent projects. The company has formed a joint venture with the Nuclear Power Corporation of India Ltd (NPCIL) called Anushakti Vidhyut Nigam Ltd (ASHVINI), which is developing the Mahi Banswara Nuclear Power Project in Rajasthan. This project, with a total capacity of 2,800 MW, is expected to commence operations by 2031 and reach full capacity by 2036. Additionally, NTPC has established a subsidiary, NTPC Parmanu Urja Nigam Ltd (NPUNL), to explore and develop nuclear projects independently.
The Indian government has set an ambitious goal to achieve 100 GW of nuclear power capacity by 2047, up from the current 8 GW. NTPC’s plans align with this national objective, aiming to contribute significantly to the country’s clean energy transition. The company’s efforts to acquire overseas uranium assets are a strategic move to mitigate potential fuel supply risks and ensure the sustainability of its nuclear power initiatives.
As NTPC continues to expand its nuclear energy capabilities, the acquisition of overseas uranium assets will play a crucial role in supporting the company’s long-term energy security and contributing to India’s broader clean energy goals.