Stage-I (6x210 MW) Stage-II (2x500 MW) and Stage - III (2x500 MW) of the Vindhyachal project are under commercial operation. Stage-IV (2x500 MW) of the project is now under construction, it said. The two investment proposals were approved by the NTPC board recently. At present, NTPC has an installed capacity of 36,014 MW and operates 15 coal-based, seven gas-based and six joint venture power stations. NTPC expects to have a 1,28,000 MW generation capacity by 2032. In a related development, NTPC has signed an agreement with Madhya Pradesh Power Trading Company (MP Tradeco) for supply of power from a 50-MW solar photovoltaic plant proposed to be set up at Rajgarh in Madhya Pradesh.