In a first, India seeks private investment in nuclear energy
What's the story
India is seeking private investments of around $26 billion in its nuclear energy sector to increase electricity generation from non-carbon-emitting sources, as per Reuters.
This marks a first such initiative for the country, as nuclear power currently is entirely a government investment and accounts for less than 2% of India's total electricity generation.
The funds will help India achieve its goal of having 50% of its installed electric generation capacity come from non-fossil fuels by 2030, up from 42% today.
Joint project
Hybrid model for nuclear power project development
Nuclear Power Corp of India Ltd. (NPCIL) will retain the right to build and run the stations and manage their fuel, as permitted under Indian law.
Private companies are expected to earn revenue from the power plant's electricity sales, while NPCIL would operate the projects for a fee.
The plan will not require any amendment to India's Atomic Energy Act of 1962 but will need final approval from the Department of Atomic Energy.
Talks underway
Government in talks with Reliance, Adani, Tata, Vedanta
Reportedly, the government is in talks with at least five private companies, including Reliance Industries, Tata Power, Adani Power, and Vedanta Ltd, to invest about $5.30 billion each.
The Department of Atomic Energy and NPCIL have held multiple discussions with these companies over the past year regarding the investment plan.
Capacity details
Plan for 11,000 MW of new nuclear capacity by 2040
Through this investment, the government aims to construct 11,000 megawatts (MW) of new nuclear power generation capacity by 2040.
NPCIL currently owns and operates India's nuclear power plants with a capacity of 7,500 MW and has committed investments of another 1,300 MW.
Under the funding plan, private companies will invest in nuclear plants, acquire land and water resources, and undertake construction in areas outside the reactor complex.