NTPC Green arm emerges as successful bidder for 1000-MW solar PV project

NTPC Renewable Energy, a wholly owned subsidiary of NTPC Green Energy (NGEL), has emerged as a successful bidder for the 1000 MW solar PV power project e-reverse auction conducted by Uttar Pradesh Power Corporation.

The tender, aimed at the "selection of solar power developers for setting up 2000 MW ISTS-connected solar PV power projects in India under tariff-based competitive bidding," was conducted on 3 January 2025.

NTPC Renewable Energy secured a capacity of 1000 MW at a tariff of Rs 2.56/kWh. The letter of award (LOA) from UPPCL is awaited, stated the company.

Meanwhile, NTPC Green Energy incorporated joint venture (JV), NTPC UP Green Energy with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) on 1 January 2024. The company holds 51% stake in the JV.

The objective of the incoporated company is to develop, operate and maintain renewable energy park(s) & project(s).

Earlier, Ministry of Power (MOP), Government of India vide its letter dated 22 February 2024 forwarded concurrence of DIPAM and NITI Aayog, which conveyed the approval for formation of JVC between NGEL, a subsidiary of NTPC and UPRVUNL, a U.P. Government Undertaking.

NTPC Green Energy (NGEL), promoted by Maharatna central public sector enterprise NTPC, is the largest renewable energy (excluding hydro) public sector enterprise in terms of operating capacity as of September 30, 2024. Operational capacity of the company as of 30 September 2024 was 3320 MW across 6 states.

The firm reported a consolidated net profit of Rs 176.65 crore and net sales of Rs 1,082.29 crore for the six months ended on 30 September 2024.

NTPC Green Energy listed on the bourses on 27 November 2024. The scrip was listed at Rs 111.60, exhibiting a premium of 3.33% to the issue price.

Shares of NTPC Green Energy declined 2.61% to Rs 125 on the BSE.

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