NTPC Green Eyes Fresh Asset Acquisitions Of Solar Projects

NTPC Green Eyes Fresh Asset Acquisitions Of Solar Projects

NTPC Green Energy Limited (NGEL), the renewable energy arm of India’s largest power producer, NTPC Ltd, now plans to aggressively acquire solar project assets in the country to broaden its renewable energy portfolio. This, the firm said, is an initiative as part of a new push to expand its clean energy portfolio through inorganic growth.

In an Expression of Interest (EOI) document, NGEL invited companies operating solar power projects with a minimum cumulative installed capacity of 50 megawatts (MW) to submit proposals for potential acquisition. Eligible projects must have existing Power Purchase Agreements (PPAs) with either NTPC Ltd or NVVN Ltd, both acting as Intermediary Procurers, the tender document from NTPC Green said.

Eligibility Criteria 

“The focus is on operational solar assets with land and grid connectivity in place, backed by valid PPAs and a minimum remaining contract life of 10 years,” NTPC Green said in the notice.

The company added that the selected projects may be acquired through Share Purchase Agreements (SPAs), subject to regulatory and statutory approvals.

NTPC’s green energy roadmap

The EOI is part of NTPC Green’s strategy to build capacity through acquisitions and support NTPC’s goal of achieving 60 gigawatts (GW) of installed renewable energy by the financial year 2032. NTPC’s current renewable portfolio includes more than 6 GW of operational capacity, with another 12 GW under various stages of implementation.

NGEL said it is exploring the inorganic route to complement its organic growth and to diversify its clean energy holdings across India. The company has been active in utility-scale solar tenders, ultra-mega renewable park projects, and green hydrogen initiatives.

Terms detailed

According to the EOI, all assets under consideration must be fully operational, with land ownership secured either through freehold or a valid lease. For leased land, the tenure must align with the project’s remaining useful life. Projects should also have necessary statutory and environmental clearances in place and must be covered under valid insurance policies.

The asset-holding company must be registered in India and must offer 100 percent equity for acquisition. Operations and maintenance (O&M) arrangements must be firmly established for the project to qualify.

NGEL emphasized that the objective of the acquisition drive is to strengthen infrastructure resilience, improve operational reliability, and ensure uninterrupted renewable power supply to distribution companies (DISCOMs) across India.

Wider market implications

By targeting ready-to-operate solar projects under long-term PPAs, NGEL aims to fast-track renewable capacity addition without the gestation delays of greenfield development. The approach could offer relief to developers looking to exit operational projects amid rising capital costs or liquidity issues.

This comes barely two months after ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture Company of NTPC Green Energy Limited and ONGC Green Limited, acquired a 100% equity stake in Ayana Renewable Power Private Limited.