NLC India signs joint venture with NCRTC for 110 MW solar project
- NLC India forms a JV with NCRTC for a 110 MW solar project in Uttar Pradesh
- NIRL holds 74% equity in the joint venture company NNRL
- NCRTC to procure power under a 25-year captive PPA
- Project must commission within 24 months of signing
- Annual energy generation requirement set at 180 MU
*this image is generated using AI for illustrative purposes only.
NLC India has entered into a joint venture with the National Capital Region Transport Corporation Limited (NCRTC) to develop a 110 MW solar power project in Uttar Pradesh. The agreement was executed on August 29, 2026, marking a strategic expansion into renewable energy infrastructure through a wholly owned subsidiary.
The joint venture company, NIRL NCRTC Renewables Limited (NNRL), will hold equity participation of 74% by NLC India Renewables Limited (NIRL) and 26% by NCRTC. NIRL is a wholly owned subsidiary of NLC India Limited. The project aims to generate renewable energy for captive consumption within the transport sector.
Deal Structure and Terms
The Power Purchase Agreement (PPA) mandates that NCRTC will procure the generated power under a captive mode for a period of 25 years. The scheduled commissioning date is set within 24 months from the signing of the PPA. The project has an annual energy generation requirement of 180 MU.
| Parameter | Detail |
|---|---|
| Project Capacity | 110 MW |
| Location | Uttar Pradesh |
| JV Equity Split | NIRL: 74%, NCRTC: 26% |
| PPA Duration | 25 years |
| Commissioning Timeline | Within 24 months |
| Annual Energy Requirement | 180 MU |
Regulatory Disclosure
The intimation was issued under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Sushanta Kumar Panda, Company Secretary and Compliance Officer, signed the disclosure filed with the National Stock Exchange of India Ltd and BSE Ltd.
What the Numbers Show
The equity structure indicates a dominant operational role for NLC India’s subsidiary, holding nearly three-quarters of the stake. The long-term 25-year PPA provides a stable off-take arrangement, reducing revenue uncertainty for the joint venture entity over its initial operational life.
Historical Stock Returns for NLC India
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.67% | -0.53% | -9.33% | +4.06% | +14.64% | +420.38% |
How will the 25-year captive PPA structure impact NLC India's long-term revenue stability and cash flow projections compared to open-market power sales?
What are the potential regulatory or land acquisition risks in Uttar Pradesh that could delay the 24-month commissioning timeline for this 110 MW project?
Does this joint venture signal a broader strategic shift for NLC India to prioritize renewable energy infrastructure over its traditional coal-based operations?
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