NTPC Green Energy

What NTPC Green Energy does

NGEL's revenue model is dominated by long-tenor Power Purchase Agreements (PPAs) — primarily with government utilities (state DISCOMs, SECI, PTC India), defence establishments, and large industrial customers — secured through competitive reverse auctions (e.g., a 50 MW wind project won by subsidiary Ayana at Rs 3.85/kWh) or bilateral negotiations (e.g., a 1,200 MW solar PPA with PTC India signed July 2026). The company augments PPA income with emerging green ammonia and hydrogen supply streams under India's National Green Hydrogen Mission. Capital is sourced through listed equity (IPO of ~$1.2 billion in November 2024), AAA-rated non-convertible debentures (Rs 1,500 crore in November 2025; Rs 2,500 crore in July 2026 at 7.27%), and inter-corporate funding from the NTPC parent, which together support the multi-year capex pipeline. The customer mix is dominated by sovereign and quasi-sovereign off-takers across multiple Indian states (Gujarat, Rajasthan, Uttar Pradesh, Andhra Pradesh, Maharashtra, Telangana, Kerala, Chhattisgarh), with a newly approved wholly-owned subsidiary (July 2026) extending reach into the Commercial & Industrial segment via MoUs with CtrlS Datacenters and Nxtra Data (Airtel Group).

Name

NTPC Green Energy

Legal name

NTPC Green Energy Limited

Website

https://ngel.in

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

101–250 employees

Short description

NTPC Green Energy is a publicly listed Indian CPSE that develops and operates utility-scale solar, wind, hybrid, BESS, and green hydrogen projects, selling power under long-term PPAs to government utilities, DISCOMs, defence establishments, and industrial customers across India.

Ownership category

akta.pro rank

Product category

Utility-Scale Renewable Energy Generation

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), C&I Renewable Supply & Green Tariffs (Bundled RE, Sleeves, Utility Green Tariffs) (EUAGACAE), Green Power Retailing & Bundled Supply (Energy + Certificates) (EUAGAFAE), Energy Storage Components for Renewables Manufacturing (BESS Packs, PCS, Thermal Management) (EUAMAHAI), Renewable Energy Infrastructure (FSAAAKAG)

Keywords

• Utility-scale renewable power
• Solar wind hybrid generation
• Battery energy storage
• Green hydrogen ammonia
• Power purchase agreements

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Technology or R&D, Operations, Personnel, Others

Revenue model

1. Renewable Energy Generation (Utility-Scale PPA): NTPC Green Energy sells power generated from its solar, wind, and hybrid projects under long-term Power Purchase Agreements (PPAs) to government DISCOMs, SECI, PTC India, and industrial customers. Tariffs are either discovered through competitive reverse auctions or negotiated bilaterally. Q1 FY27 revenue of ₹1,106.9 crore was driven by a 62.7% increase in renewable capacity to 10,671 MW (up 1.6x YoY). Full year FY26 revenue was ₹2,858.42 crore.
2. Non-Convertible Debentures (Bond Issuance): The company raises debt through NCDs via private placement. In July 2026, ₹2,500 crore of 10-year unsecured NCDs were issued at 7.27% coupon maturing July 9, 2036. Earlier, ₹1,500 crore NCDs were issued in November 2025. Crisil Ratings assigned AAA rating. Proceeds used for capex financing, refinancing, and inter-corporate loans to subsidiaries.
3. Green Ammonia Supply: Through its subsidiary NTPC Renewable Energy Ltd, the company signed a Green Ammonia Purchase Agreement (GAPA) with SECI for supplying 70,000 MTPA of green ammonia produced at its Pudimadaka Green Hydrogen Hub, under India's National Green Hydrogen Mission.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

NTPC Green Energy Limited develops, finances, builds, owns and operates utility-scale renewable energy power plants — including solar PV, onshore wind, floating solar, solar-wind hybrid parks, Battery Energy Storage Systems (BESS) and Green Hydrogen/Ammonia facilities — and sells the generated electricity under long-term Power Purchase Agreements to government DISCOMs (via SECI and state nodal agencies), state governments, central ministries including Defence, and large industrial/data-centre customers across India. The company is the green energy arm of NTPC Limited, India's largest power utility, and is publicly listed on NSE/BSE under NTPCGREEN following a November 2024 IPO.

Product overview

NTPC Green Energy Limited (NGEL) operates as an umbrella company for the green business initiatives of NTPC, implementing projects through organic and inorganic routes to achieve NTPC's target of 60 GW renewable capacity by FY32. The company maintains a portfolio of fully commissioned projects (38 projects) and projects under execution (48 projects), with a present installed capacity of 10,721 MW. The product architecture consists of core renewable energy generation offerings including Solar Power (ground-mounted and floating installations), Wind Power (onshore), Hybrid Power (solar-wind combinations), and Battery Energy Storage Systems, complemented by emerging Green Hydrogen capabilities. The company operates through multiple wholly owned subsidiaries (NTPC Renewable Energy Limited) and joint ventures (ONGC NTPC Green Private Limited, Indian Oil NTPC Green Energy, AP NGEL Harit Amrit Limited) to execute projects across various Indian states.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Generation

Quantifiable outcome

• 10,721 MW of commissioned renewable capacity as of mid-2026, exceeding the 10 GW milestone set in May 2026
• +5 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

20 partnerships are on record, tiered core and minor.

• PTC India LimitedcoreChannel Partner/ Reseller/ Distributor · 3 July 2026NTPC Renewable Energy Limited (wholly owned NGEL subsidiary) signed a Power Purchase Agreement with PTC India for sale of 1,200 MW of solar power under a bilateral arrangement. PTC India distributes this power to its off-taker network of DISCOMs and industrial customers. A MoU for collaboration in sale of renewable energy was also signed.
• SECI (Solar Energy Corporation of India)coreChannel Partner/ Reseller/ Distributor · 30 March 2026NTPC Renewable Energy signed Green Ammonia Purchase Agreement (GAPA) with SECI on March 30, 2026, for supply of 70,000 MTPA of Green Ammonia under India's National Green Hydrogen Mission. SECI is the nodal agency for implementing the NMGH.
• Nxtra Data Limited (Airtel Group)coreStrategic or Co-development Partner · 24 March 2026MoU signed March 24, 2026 for development of Renewable Energy Projects for Nxtra Data's data center operations. Nxtra is part of Bharti Airtel group and operates a large data center network in India.
• Assago Industries Private LimitedminorStrategic or Co-development Partner · 1 March 2026MoU with Assago Industries for supply of green ammonia, CO2, RE power and other related utilities for a green urea plant. Enables industrial decarbonisation through green inputs.
• AP NGEL Harit Amrit Limited (with NREDCAP)coreStrategic or Co-development Partner · 6 February 202650:50 JV between NGEL and New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) established February 6, 2025. Targets: development of Renewable Energy Projects comprising Solar/Wind/Hybrid with or without storage up to 25 GW capacities, as well as production of green hydrogen to the tune of 0.5 MMPTA and green derivatives, and development of Pump Hydro Projects up to 10 GW capacity.
• Chhattisgarh NTPC Green Energy Limited (CSPGCL)minorStrategic or Co-development Partner · 5 December 2025Joint venture between NGEL (74%) and CSPGCL (26%) established December 5, 2025. Objective: develop Renewable Energy Parks including UMREPP and Project(s) in Chhattisgarh or other identified locations, comprising Solar/Wind/Hybrid up to 2 GW capacities and identification of reservoirs for Floating Solar Projects.
• The Singareni Collieries Company LimitedminorStrategic or Co-development Partner · 19 November 2025MoU signed November 19, 2025 with Singareni Collieries (Telangana govt PSU in coal mining) for development of Renewable Energy Projects. Leverages Singareni's land and energy needs for hybrid RE+storage solutions.
• CtrlS DatacenterscoreStrategic or Co-development Partner · 31 October 2025MoU signed October 31, 2025 for development of Renewable Energy Projects to supply clean power to CtrlS's data center operations. This targets the growing data center segment's demand for renewable power and RE100 compliance.
• Paradip Port AuthorityminorStrategic or Co-development Partner · 27 October 2025MoU signed October 27, 2025 to explore green hydrogen collaboration at Paradip Port. Port infrastructure can support green hydrogen/ammonia export logistics.
• ENEOS CorporationminorStrategic or Co-development Partner · 1 October 2025MoU with Japanese energy company ENEOS Corporation for exploring renewable energy and green hydrogen/ammonia opportunities. ENEOS is India's largest FDI contributor.
• IRVNL (IRCON International)minorStrategic or Co-development Partner · 17 September 2025IRPL (IRCON International) project: 100 MW (Lot-6) out of 500 MW plant capacity of IRPL declared commercial under NTPC group.
• VOC Port AuthorityminorStrategic or Co-development Partner · 1 September 2025MoU signed for renewable energy and green hydrogen projects at VOC Port (V.O. Chidambaranar Port), another potential green ammonia/hydrogen export/import hub on India's eastern coast.
• Government of Gujarat (Gujarat Energy Development Agency)coreStrategic or Co-development Partner · 1 July 2025NTPC Renewable Energy signed MOU with Government of Gujarat for development of Solar Parks and Projects and Wind Projects in Gujarat. Builds on existing Khavda RE Park in Gujarat's Rann of Kutch.
• GAIL (India) LimitedminorOthers · 1 July 2025Formation of a Joint Venture Company with GAIL (India) Limited announced in 2025. JV targets compressed biogas, waste-to-energy and allied sustainable infrastructure projects aligned with India's clean energy transition and circular economy objectives.
• MB Energy / SET Select Energy GmbHcoreStrategic or Co-development Partner · 1 June 2025MB Energy signed first capacity term sheet at Hamburg's SET Select Energy GmbH ammonia terminal, with Juno Joule Green Energy supplying green ammonia produced at NTPC Green Energy's Pudimadaka Green Hydrogen Hub to the terminal. Planned annual throughput: 600,000 tonnes. Permit received from Hamburg's BUKEA authority in April 2025.
• NTPC MahaPreit Green Energy Limited (MAHAPREIT)coreStrategic or Co-development Partner · 8 April 2025Joint venture between NGEL (74%) and MAHAPREIT (26%) established April 8, 2025. Objective: develop Renewable Energy Parks including UMREPP/RE Projects up to 10 GW capacities in Maharashtra and any other state in India.
• NTPC Rajasthan Green Energy Limited (RRVUNL)coreStrategic or Co-development Partner · 8 January 2025Joint venture between NGEL (74%) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL, 26%) established January 8, 2025. Objective: develop Renewable Energy Parks including UMREPP/RE Projects with Solar/Wind/Hybrid up to 25 GW capacities in Rajasthan, and development of Green Hydrogen/Derivatives up to 1 million tonnes capacity.
• NTPC UP Green Energy Limited (UPRVUNL)coreStrategic or Co-development Partner · 1 January 2025Joint venture between NGEL (51%) and Uttar Pradesh Power Corporation Limited's RVUNL (49%) established January 1, 2025. Objective: to develop, operate and maintain Renewable Energy Park(s) & Project(s) in Uttar Pradesh.
• ONGC NTPC Green Private Limited (ONGC Green)coreStrategic or Co-development Partner · 18 November 202450:50 joint venture between NTPC Green Energy Ltd and ONGC Green Ltd established November 18, 2024. Object: exploring and setting up RE projects/assets in India and overseas through greenfield developments including offshore wind, storage, e-mobility, ESG initiatives, carbon/green credits, and ventures like green hydrogen and pumped storage across India. ONGC NTPC Green acquired Ayana Renewable Power for ~$2.3 billion, adding ~2.05 GW to the combined portfolio.
• IndianOil NTPC Green Energy Private LimitedcoreStrategic or Co-development Partner · 2 June 202350:50 JV between NGEL and IndianOil Corporation Limited established June 2, 2023. Object: develop grid-connected and/or off-grid RE-based power projects and/or solutions to supply 650 MW or more renewable/bundled power on round-the-clock basis to Indian Oil Corporation Limited.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• ReNew Energy Global: One of India's largest renewable IPPs with ~10 GW operational across solar and wind. Competes head-to-head in SECI reverse auctions and bilateral PPAs, with similar focus on C&I contracting and merchant power.
• Tata Power Renewable Energy: Vertical of Tata Power focused on utility-scale solar, wind, and hybrid projects. Direct competitor in PPAs with state DISCOMs and corporate C&I customers, with overlapping focus on solar EPC and BESS integration.
• ACME Solar Holdings: Indian solar IPP with multi-GW operational capacity and active green hydrogen development. Competes directly in solar reverse auctions and ranks as one of the larger private renewable developers against NGEL.
• Greenko Group: Major Indian renewable IPP with pumped hydro storage and round-the-clock RE offerings. Direct competitor in SECI RT-IREDA hybrid auctions and increasingly in green hydrogen/ammonia projects.
• JSW Energy: Indian power company with significant renewable energy expansion including solar and wind farms. Competes for utility-scale renewable capacity additions and PPA opportunities through its renewables arm.
• Adani Green Energy: India's largest private renewable energy IPP with ~12 GW operational capacity across solar, wind, and hybrid projects. Direct competitor in reverse auctions for utility-scale PPAs and shares similar target market of state DISCOMs, SECI, and C&I customers.

Broad incumbents

• Adani Energy Solutions: Part of Adani Group focused on power transmission, distribution, and smart metering. Adjacent to NGEL's renewable generation business, providing grid infrastructure and offtake channels that overlap with NGEL's solar/wind expansion footprint.
• Reliance New Energy / Reliance Industries: Reliance's New Energy business targets solar PV manufacturing, green hydrogen, and battery storage at giga scale. Competes in green hydrogen and BESS with NGEL and is a potential C&I offtake partner for renewable power.

Regional players

• Suzlon Energy: India's leading wind turbine manufacturer and IPP. NGEL procures wind turbines from Suzlon for its onshore wind projects, making it an important supplier and partial indirect peer in the wind IPP segment.

Others

• NHPC Limited: Indian central public sector hydropower generator expanding into solar and wind. NHPC is a comparable PSU peer in renewable energy expansion and competes with NGEL for state-level renewable energy park allocations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NTPC Green Energy