State-owned power giant NTPC Ltd on Wednesday (August 30) said its board of directors has granted investment approval for the Lara Super Thermal Power Project, Stage II. The project is estimated to cost Rs 15,529.99 crore, according to a stock exchange filing.

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"We wish to inform that the Board of Directors of the Company has accorded investment approval for Lara Super Thermal Power Project, Stage-II (2x800 MW) at an appraised current estimated cost of Rs 15,529.99 crore," the company said.

NTPC's Lara Super Thermal Power Station is situated in the vicinity of Lara village within the Pussore Taluk of Chhattisgarh's Raigarh district. This power station boasts a combined installed capacity of 1,600 MW, divided into two units, each capable of generating 800 MW of power.

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The inaugural unit of this facility commenced operations on September 30, 2019. Shortly thereafter, on July 20, 2020, the second unit joined the ranks of operational parts at the plant, further bolstering the power supply in the area.

NTPC currently operates 55 power stations (24 coal, seven combined cycle gas/liquid fuel, two hydro, one wind, and 11 solar projects). Further, it has nine coal and one gas stations, owned by joint ventures or subsidiaries.

The company aims to achieve a total installed capacity of 130 GW by 2032.

In line with the global trend towards renewables, which is a cleaner source of energy, NTPC plans to achieve 32,000 MW of capacity through renewables, or 25 percent of its overall power portfolio at the beginning of the next decade.

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Shares of NTPC ended at Rs 220.50, down by Rs 0.60, or 0.27 percent on the BSE.

(Edited by : Shoma Bhattacharjee)