NHPC

What NHPC does

NHPC Limited is India's largest hydroelectric power developer and a government-owned central public sector enterprise under the Ministry of Power. Founded in 1975 and listed on NSE/BSE since 2009, NHPC operates an installed capacity of 9,332.90 MW as of June 2026 — comprising 24 hydropower stations (~8,771 MW including JVs), six solar projects (~511.70 MW including JVs), and one wind project (50 MW) — accounting for roughly 16.98% of India's total installed hydropower base. The company executes the full project lifecycle from survey, design, and construction through commissioning and O&M, and holds ISO 9001, 14001, and 45001 certifications. Beyond generation, NHPC offers hydro-meteorological consultancy services and has developed the "eAabhas" AI-based early warning platform for dam flood forecasting using IoT sensors and machine learning.

The company's core revenue model is built on CERC-regulated long-term Power Purchase Agreements (typically 25–40 years) with 33 state electricity boards, DISCOMs, and power distribution companies across 31 states and union territories. Tariffs are determined on a cost-plus basis covering Annual Fixed Charges (return on equity, interest on loan, depreciation, O&M, and interest on working capital), yielding ~14–15% RoE visibility. The average pan-India tariff is ₹3.65/kWh; project-specific solar tariffs range from ₹2.45/kWh (Rajasthan 300 MW) to ₹4.41/kWh (Tamil Nadu 50 MW). NHPC also raises low-cost debt through domestic bond issuances and sovereign-backed facilities (e.g., JPY 20 billion JBIC loan for the Rajasthan solar project) and operates a wholly-owned renewable energy subsidiary, NHPC Renewable Energy Limited.

NHPC is in an active capacity-addition phase, having commissioned 1,850 MW in FY25-26 — its highest-ever annual addition. Approximately 9,200 MW is under construction (including the 2,000 MW Subansiri Lower HEP, 1,000 MW already operational; the 2,880 MW Dibang Multipurpose Project; and 1,200 MW Jalaun Ultra Mega Solar Park), with ~9,990 MW of pumped storage projects in the pipeline. The Government of India remains the controlling shareholder (~61.4% post the June 2026 OFS), and the company was granted Navratna status in August 2024, conferring enhanced financial and operational autonomy.

Name

NHPC

Legal name

NHPC Limited

Website

https://nhpcindia.com

Company type

Public

Founded year

1975

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

NHPC Limited is India's largest hydropower developer and government-owned CPSU, operating 9,332.90 MW of installed capacity across hydroelectric, solar, and wind power stations. The company sells electricity to 33 state utilities and DISCOMs under CERC-regulated long-term Power Purchase Agreements.

Ownership category

akta.pro rank

Product category

Hydropower Generation

NAICS

Hydroelectric Power Generation (221111), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Greenfield Site Origination & Land Acquisition (Leases, Easements, Title) (EUAMAAAA), Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG), Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)

Keywords

• Hydroelectric power generation
• Renewable energy generation
• Hydropower project development
• Pumped storage projects
• Solar power projects

Headquarters

HQ city

Haryana

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Hydroelectric Power Tariff Sales: NHPC's primary revenue stream is the sale of hydroelectric power under CERC-regulated tariff mechanisms. Each power station's tariff comprises Annual Fixed Charges (AFC) including Return on Equity, interest on loan, depreciation, O&M expenses, and interest on working capital, recovered through long-term PPAs with state electricity boards and distribution companies. The average pan-India tariff across 23 stations is ₹3.65/kWh (₹3.93/kWh including water charges for J&K, Ladakh, and Uttarakhand). Billing is monthly based on scheduled generation data from RLDCs and regional energy accounts.
2. Solar and Wind Power Sales: Revenue from solar PV projects (including the 300 MW Rajasthan solar project financed by JBIC, and smaller solar installations in Tamil Nadu, Uttar Pradesh, Madhya Pradesh, and Rajasthan) and wind power (50 MW Jaisalmer project). Tariffs for solar and wind are determined on a cost-plus or competitive bidding basis, billed at fixed rates to distribution companies.
3. Bond Issuances and Debt Financing: NHPC raises capital through bond issuances in the domestic market. In May 2026, NHPC raised ₹2,000 crore through a 15-year bond at a 7.67% coupon rate, oversubscribed 4.35 times. Proceeds support ongoing construction projects and expansion of generation capacity.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

NHPC plans, develops, constructs, commissions, and operates hydroelectric power stations (run-of-river, storage-based, and pumped storage) along with solar and wind renewable energy projects across India. Its core product is bulk electric power sold under CERC-regulated cost-plus tariffs to state electricity boards and distribution companies through long-term PPAs, supported by O&M services across the full asset lifecycle.

Product overview

NHPC Limited is India's largest hydroelectric power development organization, capable of executing all activities from project conception to commissioning and operation. The company operates 24 operational power stations (including joint ventures) with a total installed capacity of approximately 8,332 MW as of mid-2026, comprising 24 hydroelectric stations (~7,651 MW), solar installations (511.70 MW across multiple projects), and one wind power station (50 MW). The product portfolio centers on hydroelectric power generation as the core offering — including flagship projects such as the 2,000 MW Subansiri Lower HEP (India's largest, with 1,000 MW operational as of May 2026), the 2,880 MW Dibang Multipurpose Project (under construction), and the 800 MW Parbati-II HEP (fully commissioned in 2025). The company is actively diversifying into solar and wind energy through the 1,200 MW Jalaun Ultra Mega Solar Park, floating solar in Kerala, and a dedicated subsidiary, NHPC Renewable Energy Limited. NHPC also offers AI-powered dam safety monitoring via the 'eAabhas' flood forecasting platform, and provides consultancy services for hydropower projects in India and abroad. Under its construction pipeline, 17 projects totaling ~9,966 MW are underway, and the company is developing ~9,990 MW of pumped storage projects for grid stability.

Differentiator

Problem solved

Functional benefit

Brands

• NHPC Renewable Energy Limited: Subsidiary focused on renewable energy projects including solar and wind
• eAabhas

Products and services

• Subansiri Lower Hydroelectric Project A 2,000 MW run-of-river hydroelectric project (8 × 250 MW units) located on the border of Arunachal Pradesh and Assam. As of May 2026, four units (1,000 MW) are operational. Commissioned at approximately ₹27,000 crore; first unit commissioned 23 December 2025. Sells power to multiple beneficiaries under CERC-regulated tariff.
• Dibang Multipurpose Project A 2,880 MW hydroelectric project (12 × 240 MW units) in Arunachal Pradesh, under construction. Features five diversion tunnels with simultaneous breakthroughs in Diversion Tunnels 4 and 5 achieved in April 2026. PPA signed with Chhattisgarh State Power Distribution Company Limited (CSPDCL) for 40 years from COD.
• Jalaun Ultra Mega Solar Park (Bundelkhand Saur Urja Limited - BSUL) A 1,200 MW solar park in Jalaun district, Uttar Pradesh, developed through joint venture BSUL (Bundelkhand Saur Urja Limited) with UPNEDA. One of Uttar Pradesh's largest solar power developments, with associated transmission infrastructure for power evacuation.
• Parbati-II Hydroelectric Project An 800 MW hydroelectric project (4 × 200 MW units) in Himachal Pradesh. Fully commissioned in 2025. Total capital cost approximately ₹13,607.37 crore. Contributed to NHPC's highest-ever annual capacity addition of 1,850 MW in FY 2025-26.
• Floating Solar Power Project (West Kallada, Kerala) A 50 MW floating solar power project installed on the reservoir at West Kallada in Kerala. Part of NHPC's renewable energy diversification beyond conventional hydroelectric generation, demonstrating floating solar technology adoption.
• Karnisar Solar Project A solar power project that contributed to NHPC's 1,850 MW total capacity addition in FY 2025-26, alongside the Subansiri Lower Project and Parbati-II Project. Supports NHPC's renewable energy diversification strategy.
• Pumped Storage Projects Pumped storage projects with combined capacity of approximately 9,990 MW across various Indian states, including 7,350 MW under MoU with the Government of Maharashtra. Provide grid stability and support integration of variable renewable energy. Jointly developed with NTPC, SJVN, and THDC.
• eAabhas AI Flood Forecasting Platform An AI-based early warning platform developed by NHPC using IoT sensors and machine learning models to forecast flood discharge at dams with advance lead time. Integrates data from the India Meteorological Department, National Disaster Management Authority, and Central Water Commission to enhance decision-making for dam safety and protect downstream populations from extreme weather events.
• Hydropower Consultancy Services NHPC offers hydro-meteorological data dissemination, technical consultancy for hydropower projects, and feasibility study services leveraging decades of expertise in hydroelectric development. Services are extended to domestic and international clients including projects in Nepal and Bhutan.
• NHPC Renewable Energy Limited (NHPC REL) A wholly-owned subsidiary established by NHPC to consolidate and expand the company's solar, wind, and other renewable energy ventures. Develops multiple solar PV projects under CPSU scheme in Rajasthan, Andhra Pradesh, Gujarat (Khavda park), Odisha, Kerala, and a green hydrogen pilot in Leh (25 kW).

Quantifiable outcome

• Highest ever annual capacity addition of 1,850 MW in FY 2025-26
• +4 more outcomes

Named customers12 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature1 record

Partnerships

23 partnerships are on record, tiered core and minor.

• SJVN LimitedcoreStrategic or Co-development Partner · 4 July 2026On 4 July 2026, PM Modi dedicated SJVN's 1,000 MW solar project alongside NHPC's 300 MW solar project in Rajasthan, both inaugurated at the same event. SJVN and NHPC have overlapping project pipelines in J&K and Himachal Pradesh.
• Bundelkhand Saur Urja Limited (BSUL)coreStrategic or Co-development Partner · 1 July 2026BSUL is a joint venture between NHPC and UPNEDA developing the 1,200 MW Jalaun Ultra Mega Solar Park in Uttar Pradesh. Coal India won a ₹2,831 crore contract to construct a 600 MW solar plant (2×300 MW units) within this park. NHPC and BSUL have floated tenders for 400 kV transmission lines and pooling substations for power evacuation.
• ONGC (Oil and Natural Gas Corporation Limited)coreStrategic or Co-development Partner · 25 June 2026Technology partnerships with NHPC are mentioned in ONGC's sustainability roadmap, where ONGC plans to invest ₹2 lakh crore in renewable energy, green hydrogen, offshore wind, and carbon capture. Recent acquisitions include Ayana Renewable Power (2.05 GW) and PTC Energy (288 MW wind).
• Hexa ClimatecoreStrategic or Co-development Partner · 19 June 202625-year PPA signed with Hexa Climate for a 160 MW Firm and Dispatchable Renewable Energy (FDRE) project, comprising an 80 MW base allocation plus 80 MW green-shoe option. Project will supply round-the-clock renewable power at ₹4.33/kWh tariff approved by CERC and PSERC, with end distribution by PSPCL through the ISTS.
• Government of Arunachal PradeshcoreStrategic or Co-development Partner · 16 June 2026MoA signed for development of the 3,097 MW Etalin Hydro Electric Project on the Dri and Tangon rivers in Arunachal Pradesh. The project will be developed on a Build-Own-Operate-Transfer (BOOT) basis for a lease period of 40 years from Commercial Operating Date.
• IIM JammuminorImplementation/ SI/ Consulting Partner · 31 July 2025Strategic alliance with IIM Jammu for leadership development, management excellence, and capacity building programs for NHPC's workforce.
• Indian Oil Corporation Limited (IOCL)coreStrategic or Co-development Partner · 27 June 2025MoU signed for development of Pumped Storage Projects and other Renewable Energy Projects, leveraging IOCL's land bank and NHPC's project execution capabilities.
• Government of BiharcoreStrategic or Co-development Partner · 21 December 2024MoU signed for investment of ₹5,500 crore in Solar Energy and Green Hydrogen Projects in Bihar, marking NHPC's entry into green hydrogen in the state.
• Global Green Growth Institute (GGGI)minorStrategic or Co-development Partner · 1 November 2024Partnership to drive clean energy innovations and support India's green energy transition goals through technical collaboration and knowledge sharing.
• Government of Maharashtra (Water Resources Dept.)coreStrategic or Co-development Partner · 4 September 2024MoU for development of Pumped Storage Projects totaling 7,350 MW in Maharashtra, utilizing the state's topography and water resources for grid-scale energy storage.
• Tata Power Renewable Energy Limited (TPREL)coreStrategic or Co-development Partner · 17 July 2024NHPC Renewable Energy Limited (NHPC REL) and TPREL entered a strategic partnership to co-develop solar energy projects and accelerate solarization initiatives across India.
• Balmer Lawrie & Co. LimitedminorImplementation/ SI/ Consulting Partner · 29 June 2024MoU for exploration of potential areas of collaboration, leveraging Balmer Lawrie's expertise in project execution and logistics support.
• National Sports Development Fund (NSDF) and Sports Authority of India (SAI)minorStrategic or Co-development Partner · 16 June 2024MoU to empower young talented weightlifters through NHPC's CSR initiative, supporting talent identification and sports development in India.
• NTPC LimitedcoreStrategic or Co-development PartnerNHPC and NTPC were selected as BESS Implementation Agency (BIA) under the MNRE scheme for 1,500 MWh CPSU component. Both companies are developing solar projects under the 1,000 MW CPSU Scheme and have co-invested in pumped storage projects. The two companies jointly celebrated their 50th Raising Day.
• SJVN LimitedcoreStrategic or Co-development PartnerNHPC CMD Bhupinder Gupta holds additional charge of SJVN CMD. Both companies co-invest in pumped storage projects and jointly celebrated their 50th Raising Day. NHPC is taking over SJVN's 3,097 MW Etalin HEP, with ₹251.38 crore already expended by SJVN on the project as of March 31, 2026.
• THDC India LimitedcoreStrategic or Co-development PartnerJoint development of 18 GW pumped storage projects in Chhattisgarh with JV partner CSPGCL. THDC is a fellow CPSU under Ministry of Power, collaborating with NHPC and NTPC on pumped storage development.
• Himachal Pradesh GovernmentcoreStrategic or Co-development PartnerHimachal Pradesh CM directed renegotiation with NHPC over the 500 MW Duggar hydroelectric project and resolution of the 422 MW Kishau dam project, expected to generate nearly ₹600 crore annually. The state is also pursuing takeover of three hydro projects (Sunni 382 MW, Luhri-I 210 MW, Dhaulasidh 66 MW) from SJVNL, with renegotiations ongoing with NHPC.
• Chenab Valley Power Projects Limited (CVPPPL)coreStrategic or Co-development PartnerJoint venture company formed by NHPC and JKSPDCL to implement hydropower projects in the Chenab basin. CVPPPL is developing 1,000 MW Pakal Dul, 624 MW Kiru, and 540 MW Kwar projects in J&K. The Kirthai Stage II (930 MW) terms of reference were transferred to CVPPPL.
• Jammu & Kashmir State Power Development Corporation Limited (JKSPDCL)coreStrategic or Co-development PartnerJKSPDCL is NHPC's joint venture partner in Chenab Valley Power Projects Limited (CVPPPL) for developing hydropower in J&K. JV is implementing Pakal Dul (1,000 MW), Kiru (624 MW), and Kwar (540 MW) projects.
• UPNEDA (Uttar Pradesh New and Renewable Energy Development Agency)coreStrategic or Co-development PartnerBSUL is the JV between NHPC and UPNEDA developing the 1,200 MW Jalaun Ultra Mega Solar Park in Uttar Pradesh. Coal India won a ₹2,831 crore contract for 600 MW of solar capacity within this park.
• Jharkhand Projects Organisation Limited (JPOL)coreStrategic or Co-development PartnerJV developing the 120 MW Rangit-IV HEP in Sikkim (3×40 MW) under JPOL.
• Ratle Hydro Power Limited (RHPCL)coreStrategic or Co-development PartnerJV developing the 850 MW Ratle HEP in J&K under RHPCL.
• NHPC Renewable Energy Limited (NHPC REL)coreStrategic or Co-development PartnerWholly-owned subsidiary of NHPC established to execute renewable energy projects. Has partnered with Tata Power Renewable Energy Limited for solar projects and is developing multiple solar PV projects (1,000 MW CPSU scheme in Rajasthan, 100 MW in Andhra Pradesh, 200 MW and 600 MW in Gujarat's Khavda park, 40 MW ground-mounted in Odisha, 50 MW floating solar in Kerala) and a green hydrogen pilot in Leh (25 kW).

Scale indicators11 records

Recent moves7 records

Expansion highlights8 records

Direct peers

• SJVN Limited: Central public sector hydropower and renewable energy company under Ministry of Power. Operates under the same CERC cost-plus tariff framework with NHPC, competing head-to-head for hydro project allocations (e.g., Etalin HEP transferred from SJVN to NHPC), and overlapping J&K and Himachal Pradesh project pipelines.
• THDC India Limited: Joint venture CPSU originally carved out of NHPC's Tehri Hydro project, now a fellow hydropower developer under Ministry of Power. Co-develops 18 GW pumped storage projects in Chhattisgarh with NHPC and competes for similar hydro and PSP allocations in the same pipeline.
• NEEPCO (North Eastern Electric Power Corporation): CPSU hydropower generator now subsidiary of NTPC, focused entirely on North East India hydro. Operates under identical CERC framework and sells to state DISCOMs just as NHPC does, though smaller in scale and geographically concentrated.

Broad incumbents

• NTPC Limited: India's largest power generation CPSU with ~75+ GW of diversified thermal, hydro, nuclear, and renewable capacity. Co-acts with NHPC as BESS Implementation Agency under MNRE scheme and shares solar PV pipeline; overlaps with NHPC in hydro project development and renewable energy GTM, but at vastly larger scale and broader portfolio.
• Power Grid Corporation of India: India's central transmission utility with monopoly position in interstate power transmission. Related to NHPC's power evacuation and pooling substation tenders but operates in a fundamentally different (transmission vs generation) segment of the same value chain.
• Tata Power Company Limited: One of India's largest private integrated power players with hydro, thermal, solar, and transmission assets. Competes with NHPC in tenders for hydro concessions, solar CPSU scheme, and PPA contracts, but pursues merchant-competitive bidding economics rather than cost-plus regulation.
• Adani Green Energy Limited: India's largest renewable energy IPP with 12+ GW operational and pipeline. Competes for competitive-bid solar and FDRE PPAs and increasingly for PSP allocations against NHPC, but focuses on solar/wind rather than hydro and operates under a merchant/competitive bidding model.
• Reliance Power Limited: Private power IPP with hydro (Tato-II, Siyom), thermal, and renewable assets. Competes with NHPC for hydro project allocations and operates under similar PPA structures but has been hampered by execution and PPA challenges that contrast with NHPC's CPSU status.

Emerging players

• Greenko Group: India's leading private renewable energy IPP with significant pumped storage and round-the-clock renewable energy projects. Emerging direct competitor to NHPC in PSP opportunities where both can bring bankable execution and PPA-backed offtake structures.
• Tata Power Renewable Energy Limited (TPREL): Wholly-owned subsidiary of Tata Power focused on solar and wind IPP. Strategic partner of NHPC's subsidiary NHPC REL for co-developing solar projects under the CPSU scheme, representing both collaboration and competition for solar project wins.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/nhpcltd

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds4 records

Investors3 records

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 NHPC