NTPC Renewable Energy signs 1,200 MW PPA in 2026

What was signed and why it matters

NTPC Renewable Energy (NTPC REL), a wholly owned subsidiary of NTPC Green Energy (NGEL), has signed a Power Purchase Agreement (PPA) with PTC India for the sale of 1,200 MW of solar power under a bilateral arrangement. The company described the agreement as a milestone that strengthens collaboration between the two organisations to promote clean and sustainable energy in India. The scale of the contracted capacity is notable because it aligns with NTPC’s broader push to build out renewables through NGEL’s platform. The agreement also comes amid a series of commissioning updates from NTPC REL’s large solar projects in Gujarat.

Key parties involved

The PPA has been signed between NTPC REL and PTC India. NTPC REL is a wholly owned subsidiary of NTPC Green Energy (NGEL). Separately, NTPC Green Energy is positioned as a key vehicle in NTPC’s green energy transition strategy. NGEL has stated it targets 60 GW of renewable energy capacity by FY32, and pursues growth through competitive bidding, tenders, and participation in Ultra Mega Renewable Energy Power Parks (UMREPP).

Commissioning updates at the Khavda-II solar project

Alongside the PPA development, NTPC REL has reported multiple commissioning milestones at its 1,200 MW Khavda-II Solar PV Project in Gujarat. The final 105 MW segment of the Khavda-II project was commissioned and became operational on May 28, 2026. The group also declared commercial operation for 90 MW of the same 1,200 MW Khavda-II project, with commercial operation beginning on April 25, 2026 at 00:00 hours.

NTPC REL has also commissioned 165 MW capacity at the 1,200 MW Khavda-II solar project, as per another disclosed update. That commissioning was linked with an update that the NTPC group’s total installed capacity increased to 88,709 MW and commercial capacity to 87,629 MW.

Khavda-I progress and other disclosed part-capacity CODs

Beyond Khavda-II, NTPC REL has been developing the Khavda-I Solar PV Project in Gujarat, with an overall capacity of 1,255 MW. The company has disclosed commissioning of 110.25 MW of solar capacity in Khavda, Gujarat, describing it as the first phase of its 1,255 MW Khavda-I project.

The company also disclosed the declaration of commercial operation for the ninth part capacity of 13.98 MW out of the 1,255 MW Khavda-I Solar PV Project. Another disclosure referenced commercial operation of the fifth part capacity of 37.925 MW out of a 300 MW Khavda Solar Energy Project.

Procurement plans for modules at Khavda Renewable Energy Park

NTPC REL also invited bids for the supply of solar PV modules for a large-scale solar project at Khavda Renewable Energy Park – South Block in the Rann of Kutch, Gujarat. The Invitation for Bids was issued on August 15, 2025, for a total capacity of 1,200 MW solar PV projects.

The bid documents specified manufacturing, supply, packing, forwarding, and transportation of crystalline bifacial solar PV modules of a minimum 570 Wp rating, and stated that modules must be included in the ALMM List-I. The project DC capacity was stated as 1,560 MWp, divided into four blocks of 390 MW each, with an additional 1% spare modules required.

How this fits into NGEL’s portfolio and buildout

NGEL was incorporated in 2022 and is engaged in developing, owning, and operating renewable energy power plants across India. As per the latest data disclosed in the provided information, NTPC Green Energy’s portfolio totals 16,896 MW, including 3,320 MW of operational projects and 13,576 MW under development.

The steady stream of commissioning updates in Gujarat, combined with new PPAs, underscores the mix of project execution and offtake tie-ups needed to convert under-development capacity into operational and commercial capacity.

Prior PPAs and tariff context from UPPCL

In a separate development disclosed earlier, NTPC Green Energy said its wholly owned subsidiary NTPC Renewable Energy Limited won 1,000 MW capacity in Uttar Pradesh Power Corporation Limited (UPPCL)’s solar PV power project auction. The company signed a PPA at a discovered tariff of Rs 2.56 per kWh and disclosed that the PPA was signed on June 4, 2025.

The award was linked to UPPCL’s tender for selection of solar power developers for setting up 2,000 MW ISTS-connected solar PV power projects in India under tariff-based competitive bidding, with an e-reverse auction conducted on January 3, 2025.

Stock move previously linked to PPA news

NTPC Green Energy shares gained 3.5% in trade on Thursday, June 5, 2025, and touched a day’s high of Rs 111.8 per share on the BSE. The stock move was reported after the market responded to the PPA signing for the 1,000 MW capacity under UPPCL’s Solar PV Power Project.

Key facts table

Why the 1,200 MW PPA is a meaningful marker

Large solar PPAs are essential to de-risk revenues for utility-scale projects and to support financing and execution timelines. In this context, the 1,200 MW PPA with PTC India sits alongside ongoing commissioning of Khavda capacities, indicating parallel progress on both offtake and project delivery. The commissioning dates and part-capacity declarations also show the step-by-step nature of bringing mega projects to commercial operation, particularly when capacity is rolled out in multiple segments.

What to watch next

The immediate next signals are likely to come through additional commercial operation declarations for remaining segments at Khavda and further disclosures tied to NGEL’s under-development portfolio conversion. Updates on the execution of the 1,200 MW bilateral arrangement with PTC India, and additional commissioning milestones from Khavda-I and Khavda-II, will be key datapoints in future filings.