NTPC Green Energy Limited Surpasses 10.1 GW Milestone Following Aggressive Q4 Capacity Ramp-Up

NTPC Green Energy Limited (NGEL), the primary renewable energy vehicle of the state-run NTPC Group, officially surpassed the 10 GW threshold of commissioned capacity on March 31, 2026. Closing the 2025–26 fiscal year with a total group capacity of 10,126 MW, the milestone follows a landmark expansion period characterized by high-velocity organic commissioning and strategic inorganic consolidation. This ramp-up aligns with the group’s broader objective to scale its renewable energy portfolio to 60 GW by 2032.

Integrated Growth Strategy: Organic and Inorganic Drivers

The achievement of the 10.1 GW mark was catalyzed by a dual-track growth model. While the group commissioned 4,225 MW of organic capacity during FY 2025–26, the milestone was fundamentally underpinned by the inorganic contribution of the Ayana Renewable Power acquisition. Completed on March 28, 2025, the Ayana transaction integrated approximately 4 GW of operational capacity into the group total, accounting for nearly 40% of the current 10.1 GW operational base.

The remaining 60% of the portfolio has been built through aggressive project execution by the group’s wholly-owned subsidiary, NTPC Renewable Energy Limited (NTPC REL). The final quarter of FY 2025–26 alone saw the commissioning of 2,116 MW, representing roughly half of the year’s total capacity additions.

Project Cluster Analysis: Khavda and Bhadla Expansion

The fiscal year’s expansion was dominated by utility-scale clusters in Gujarat and Rajasthan. Technical disclosures filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlight the following key technical completions:

• Khavda Renewable Energy Park (Gujarat): This cluster contributed 2,560 MW to the fiscal year’s total. On March 31, 2026, the group commissioned the final 78.02 MW installment of the 1,255 MW Khavda-I Solar PV Project, effectively concluding that phase. Concurrently, a 90 MW segment (the 6th part) of the 1,200 MW Khavda-II Solar PV Project was brought online.
• Bhadla Solar PV Project (Rajasthan): The group finalized the 500 MW Bhadla Solar cluster. The final 75 MW phase reached commercial operation effective March 25, 2026, following certification by the Rajasthan Renewable Energy Corporation Limited (RREC).
• Southern Regional Additions: Significant contributions were realized from the Pavagada (250 MW) and Kadapa (250 MW) projects.
• Wind Segment Diversification: In February 2026, the group added 50 MW of wind capacity through the commissioning of the Dayapar Project Phase-II in Gujarat.

Strategic Transition to Green Molecules

Expanding beyond bulk power generation, NGEL is pivoting toward the emerging green hydrogen and ammonia ecosystem. On March 30, 2026, the group executed a Green Ammonia Purchase Agreement (GAPA) with the Solar Energy Corporation of India Limited (SECI). Under this agreement, SECI will act as an intermediary for the supply of 70,000 MTPA of Green Ammonia to M/s Krishna Phoschem in Madhya Pradesh. This procurement is structured under the SIGHT Scheme of the National Green Hydrogen Mission, marking NGEL’s first major commercial foray into green molecular off-take.

Decarbonization and Environmental Metrics

The 10,126 MW operational portfolio represents a significant component of India’s climate commitment framework. Current technical estimates for the portfolio include:

• Avoided CO2 Emissions: Approximately 15 million tonnes annually.
• Consumer Impact: The capacity is estimated to meet the annual electricity requirements of 3.4 million households when operating at full generation potential.

Summary of Operational Milestones and Capacity Data