NTPC Green Energy Limited has declared commercial operation for the first part of its 225 MW GSECL RE Park, Khavda Solar PV Project located in Gujarat. The NTPC Green Energy subsidiary, NTPC Renewable Energy Limited, commenced operations with a capacity of 64.76 MW effective from 00:00 hrs on July 24, 2026. This expansion increases the group’s total installed capacity from 10,721.80 MW to 10,786.56 MW, reinforcing its position in India’s renewable energy sector.

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing confirms that the 64.76 MW represents only the initial phase of the larger 225 MW project, indicating further capacity additions are expected as subsequent phases come online.

Project Details

Capacity Impact

The commissioning of this initial phase directly impacts NTPC Green Energy’s overall asset base. Prior to this addition, the group’s commercial capacity stood at 10,721.80 MW. With the new 64.76 MW coming online, the aggregate installed capacity reaches 10,786.56 MW.

What the Numbers Show

The incremental addition of 64.76 MW contributes approximately 0.6% to the existing installed base. While modest in percentage terms relative to the total portfolio, the project is part of a larger 225 MW commitment. The phased approach allows for staggered revenue recognition and operational stabilization before the full scale-up is achieved.

The company secretary and compliance officer, Deepak C S, signed the disclosure, which was dated July 23, 2026. The notification was submitted to both the National Stock Exchange of India Limited and BSE Limited.

NTPC Green Energy reported its unaudited financial results for the quarter ended June 30, 2026 (Q1FY27), with consolidated revenue rising to ₹1,106.86 crore from ₹680.21 crore in the corresponding period of the previous year. The board approved the results and sanctioned an investment to increase its stake in a joint venture during a meeting held on July 22, 2026.

Q1FY27 Financial Performance

The company reported a consolidated net profit of ₹304.84 crore for Q1FY27, compared to ₹220.48 crore in the year-ago period. Profit before tax stood at ₹368.32 crore, while total expenses for the quarter were ₹782.37 crore. EBITDA for the quarter stood at ₹10.18b versus ₹6.03b in the same period last year, with the EBITDA margin expanding to 91.95% from 88.73% year-on-year. The following table summarises the key consolidated financial metrics:

Operational Margins

The operating margin for the quarter was 62.32%, while the net profit margin was 27.54%. The interest service coverage ratio improved to 3.01 in Q1FY27 from 3.30 in the prior year. The debt equity ratio stood at 1.68, compared to 1.11 in the same period last year.

Board Approvals and Strategic Investments

The Board of Directors approved the incorporation of a wholly owned subsidiary or special purpose vehicle (SPV) for developing renewable energy projects, with plans for subsequent stake dilution for captive or group captive structuring. Additionally, the board granted in-principle approval for an investment of up to ₹28,77,550 in AP NGEL Harit Amrit Limited (APNHAL), a joint venture with New & Renewable Energy Development Corporation of Andhra Pradesh Limited. This investment involves the subscription of 2,87,755 equity shares, increasing NTPC Green Energy's holding from 50% to 51%, making APNHAL a subsidiary of the company.

Disclosures and Compliance

The company confirmed that there were no outstanding defaults on loans and debt securities. The statutory auditors conducted a limited review of the standalone and consolidated financial results. The filing included disclosures under Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming no deviation in the use of issue proceeds for listed non-convertible debentures.