NTPC Renewable Energy Limited (NREL) has invited bids from financial institutions to raise a Rupee Term Loan amounting to ₹60 billion (₹6,000 crore). NREL, a wholly owned subsidiary of NTPC Green Energy Limited (NGEL), has issued this Request for Proposal (RFP) to secure funding for its expanding clean energy portfolio. The debt procurement process is categorized under reference [NREL/FA/RFP/2024-25/02].
Loan Specifics and Credit Profile
The proposed facility is supported by the issuer’s high credit standing, which underpins its ability to attract competitive debt capital. According to recent regulatory filings and Quarterly Compliance Reports for the period ending March 31, 2026, the entity maintains a security cover of 100% or higher, as required by existing debenture trust deeds and information memoranda.
The following domestic credit agencies have assigned top-tier investment-grade ratings to the issuer and its facilities:
- ICRA: AAA (Stable)
- CRISIL: AAA
- CARE: AAA
- India Ratings: AAA(Stable)
Proceeds from the ₹60 billion facility are strictly designated for funding NREL’s renewable energy portfolio. These ratings reflect the entity’s consistent compliance with financial covenants and statutory obligations.
Corporate Context: Capacity Targets and Group Strategy
This loan issuance is a distinct component of NREL’s capital strategy, separate from the equity-side capital recently raised by its parent, NTPC Green Energy Ltd (NGEL). While NGEL’s recent ₹10,000 crore Initial Public Offering (IPO) earmarked ₹7,500 crore specifically for the repayment or prepayment of NREL’s existing borrowings, this RFP focuses on financing new capacity additions.
NREL’s requirements are driven by an aggressive developmental roadmap. As of September 30, 2024, the group’s portfolio stood at 16,896 MW. To reach its long-term target of 60 GW of renewable capacity by 2032, the company has set the following interim operational milestones:
- FY25 Target: 6.3 GW
- FY26 Target: 11.3 GW
- FY27 Target: 19 GW
These targets contribute to the broader NTPC Group goal of ensuring non-fossil-based sources comprise 45-50% of its total capacity by 2032. This expansion is part of a group-wide investment framework estimated at approximately ₹7 lakh crore.
Bidding Timeline and Procedural Requirements
Interested financial institutions must adhere to the submission protocols and regulatory standards established by the issuer. NREL remains in compliance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations and the Companies Act 2013, as evidenced by its timely quarterly reporting and maintenance of investor disclosure platforms.
Key Dates
- Bidding Deadline: June 25, 2026.
- TENDER PORTAL: https://ntpcrel.co.in/
Final Compliance and Submission Note
All financial proceedings and documentation related to this RFP are managed by the issuer’s finance department. Aravind Babu, CGM (Finance), serves as the authorized signatory for this transaction. The department is responsible for the processing of all required certifications, including security cover certificates and statutory auditor confirmations, to ensure continued alignment with regulatory mandates.
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