NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has won a 1,000 MW solar photovoltaic (PV) power project in a competitive bidding process conducted by Uttar Pradesh Power Corporation (UPPCL). NTPC Green and UPPCL agreed at a tariff of INR 2.56 per kWh and the PPA was signed recently.
Significance of NTPC Green and UPPCL Deal
The project was part of UPPCL’s plan to add solar capacity under India’s 500 GW renewable energy target by 2030. NGEL emerged as the successful bidder in the e-reverse auction held in January 2025. The project will be developed under Build-Own-Operate (BOO) model and will have a long term power purchase agreement with UPPCL.
This win further consolidates NTPC Green’s position as a leading public sector player in India’s solar market and will help the company to scale up its presence in northern India, particularly in one of the most populous and power hungry states of the country.
Financial & Market Impact
The announcement has given a thumbs up to the stock. As of 5 June, NTPC Green Energy shares rose by 3.8% and touched a high of INR 112 on BSE, after the PPA was signed. The company made its market debut in November 2024 at INR 108 and is still hot favourite among investors for its robust execution pipeline and growing renewable portfolio.
The stock has given 25.3% returns in last four months, backed by consistent project wins and quarterly numbers that beat estimates.
Financial Health & Outlook
NTPC Green reported 3X jump in net profit to INR 233 crore in Q4 FY25 compared to INR 81 crore in same quarter last year. Revenue for the same quarter grew by 22.5% to INR 622.3 crore. For FY25, the company reported 39% growth in net profit, indicating strong operational efficiency and high margin returns from green energy projects. Also, CRISIL has assigned ‘AAA/Stable’ rating to NTPC Green’s proposed NCDs.
Renewable Energy Play
This project is part of NTPC Group’s target of 60 GW of renewable capacity by FY2032 with NTPC Green expected to contribute 40 GW. The company also plans to commission 14 GW of pumped hydro storage capacity in next 6-9 years.
Along with this solar project, NTPC Green is also exploring Sustainable Aviation Fuel (SAF) production with Honeywell India using captured CO₂ and green hydrogen—indicating its foray into next-gen clean fuels.
Competitive Landscape & Sectoral Context
India’s solar market is super competitive. State and central auctions are seeing participation from public sector units and private players like Adani Green, ReNew Power, SJVN and Tata Power Renewable Energy. NTPC Green’s consistent winning of large orders in auctions is a testimony to their operational excellence, cost competitiveness and strategic agility.
With solar tariffs stabilizing at sub-INR 3 and investor interest in clean tech peaking, the UPPCL-NTPC Green deal sets a new benchmark for state led green power procurement.
Conclusion
NTPC Green and UPPCL Deal is more than just a project award – it’s a clear indication of the company’s growing presence in India’s clean energy story. With strong execution capabilities, solid financials and a growing portfolio of diversified green assets, NGEL will be a key player in India’s low carbon journey.
Investors and policymakers will watch the commissioning timeline, PPA implementation and future project bids as NTPC Green chases its 2032 targets.