NLC India to Reach 2 GW Renewables in 2026, Eyes 8 GW by 2028

Backed by a spike in revenue last financial year and renewable energy generation, NLC India is progressing towards its target to add 8 GW of renewable energy by 2028 and 10 GW by 2030. Now, NLC India, which started the year with a target of around 1,400 megawatts of renewable energy, has already added 300 megawatts of renewables, plans to add another 300 megawatts, and plans to add around 2 gigawatts by the end of the financial year.

In an investor call, NLC M. Prasanna Kumar said, said it's making fast progress on adding 600 megawatts of renewable energy projects in Gujarat, with all activities moving quickly. Kumar said the company awarded the Balance of System (BoS) contract earlier and has also placed orders for the modules. Most of the modules have already been received at the site, and the company hopes that by the end of the current financial year, it will be able to add 300 megawatts. Within the next one to one-and-a-half months of the next financial year, the remaining 300 megawatts are expected to be added.

Regarding land acquisition in the 1,000 Megawatt solar Joint Venture (JV) project in Assam, he said all activities are also progressing rapidly and are in the final stages. A requisition for funds has been raised, and once that process is completed, the land is expected to be handed over to the company.

NLC Expects IPO Listing in September ’26

Kumar also shed light on NLC India's IPO plans, which he said are rapidly progressing, with all activities related to the IPO progressing quickly. He spoke about the company securing Cabinet approval and securing required tax exemptions in record time. He further said the company expects its IPO to take place in September 2026 and is working to further speed up the process.

Additionally, Kumar also spoke about NLC India Renewables target for setting up a 2-Gigawatt project with PTC India. Addressing questions on the expected capital expenditure, asset mix, and roles of the partners, Kumar said NLC is targeting to add 2 GW with an overall capex of around ₹10,000 crore. Given NLC’s expertise in renewables, it will take the lead role, while PTC India will be its joint venture partner.

NLC Planning To Reach Its 10 GW Target

Kumar also spoke about NLC India's plans to become a 2-gigawatt renewable player by the end of the financial year. Moreover, to reach its 10-gigawatt target, Kumar said NLC is aggressively adding capacity across multiple states.

Speaking about the current Joint Ventures of NLC, Kumar said it has already formed a joint venture with the Rajasthan government to add 2 gigawatts of renewables and a joint venture with the Assam government to add 1 gigawatt. It is also forming a JV with MAHAPREIT to add around 5 gigawatts of renewable capacity and another JV with Odisha to add around 2 gigawatts.

Combined, these projects exceed the company’s 10-gigawatt target. Around 3 gigawatts of renewable projects are already under active development and are expected to be commissioned over the next 1.5 to 2 years. Of these, the 600-megawatt Gujarat project is at an advanced stage and is expected to be fully commissioned in Q1 of the next financial year. The 810-megawatt Pugal projectis also in the final stages of land acquisition and will be taken forward in fast-track mode.

The company said there are several projects in the pipeline to meet its targets of 8 gigawatts by 2028 and 10 gigawatts by 2029–30.

Renewable Energy Projects in Rajasthan

Responding to a question on the 2,000-megawatt Rajasthan solar JV project,  Kumar said land has already been secured for around 600 megawatts, while remaining activities are progressing in coordination with Rajasthan Urja Vikas Limited (RVNL). The company expects to receive the remaining land for the entire 2,000 megawatts in the next quarter and said that once land acquisition is completed, power generation could begin within one year.

Moreover, with a targeted 10 GW renewable portfolio by 2030, NLC India would emerge as one of the larger state-owned renewable developers, alongside peers such as NTPC Green Energy and SJVN.