NTPC Green Energy JV Unit Secures 50 MW SECI Wind Project at ₹3.85 Tariff

Market snapshot: Ayana Renewable Power, a step-down subsidiary of NTPC Green Energy’s joint venture, has won a 50 MW wind power project in the latest competitive bidding tender conducted by the Solar Energy Corporation of India. The capacity was secured at a discovered tariff of ₹3.85 per kWh, bolstering the joint venture's active clean energy pipeline.

Data Snapshot

• Ayana Renewable Power secured a 50 MW wind energy project in SECI's competitive tender at a tariff of ₹3.85 per kWh.
• NTPC Green Energy and ONGC Green's 50:50 joint venture, ONGC NTPC Green, completed the acquisition of a 100% stake in Ayana Renewable Power on March 27, 2025, for a cash consideration of ₹6,248.5 crore.
• The total installed capacity of NTPC Green Energy Group stands at 10,671.4 MW following recent commercial operations.
• Consolidated revenue from operations for NTPC Green Energy Group grew by 29% to ₹2,858 crore in FY26, while operating EBITDA rose by 29% to ₹2,475 crore.

What's Changed

• NTPC Green Energy Group's total commercial capacity has scaled significantly, rising from 5,902 MW as of March 31, 2025, to 10,671.4 MW as of June 12, 2026, representing an increase of ≈80.81% (derived: 10,671.4 MW vs 5,902 MW).

Key Takeaways

• Pipeline Expansion: Securing the 50 MW SECI wind project enhances Ayana's active development pipeline, which contains approximately 1.7 GW of solar, wind, and hybrid projects.
• Strategic JV Synergy: This win demonstrates the operational and bidding strengths of ONGC NTPC Green Private Limited, translating corporate capital into tangible projects.
• Off-taker Security: Being contracted with SECI minimises payment and off-taker risk, providing strong multi-decade revenue and cash-flow visibility.
• Target Alignment: Each successful bid aligns directly with NTPC Green Energy's corporate target of achieving 60 GW of renewable capacity by 2032.

SAHI Perspective

The 50 MW wind project win by Ayana Renewable Power represents a notable operational milestone for the ONGC-NTPC Green joint venture, ONGPL. Since acquiring Ayana in March 2025, the joint venture has worked to scale up capacity across resource-rich states. By winning a competitive tender from SECI at ₹3.85 per kWh, Ayana is demonstrating robust execution capabilities. This win reinforces the parents' joint commitment to energy transition, helping drive NTPC Green Energy towards its 60 GW target by 2032.

Market Implications

The addition of 50 MW of wind power to Ayana's pipeline, which currently has approximately 1.7 GW under development, bodes well for its long-term revenue visibility. Given SECI's high credit rating, off-taker risk remains minimal. This bid outcome reflects stable wind tariff dynamics in India's competitive bidding landscape and continues to draw strong institutional and public utility investment into utility-scale clean energy projects.

Trading Signals

Market Bias: Bullish

The 50 MW wind project win increases Ayana's pipeline, enhancing NTPC Green's capacity outlook. Coupled with a 29% YoY revenue growth in FY26 to ₹2,858 crore and total group capacity scaling to 10,671.4 MW, the near-term outlook remains strong.

Overweight: Renewable Energy, Power Utilities

Trigger Factors:

• Timelines for signing the Power Purchase Agreement for the 50 MW wind project
• Execution progress of Ayana's 1.7 GW under-development assets
• Quarterly commercial capacity updates from NTPC Green Energy

Time Horizon: Near-term (0-3 months)

Industry Context

India is targeting 500 GW of renewable energy capacity by 2030, with wind and solar playing a key role. Competitive auctions held by agencies like SECI continue to discover robust tariff structures, such as the ₹3.85 per kWh achieved in this tender. Utility-scale developers are leveraging strategic acquisitions and joint ventures to expand their footprints rapidly, as exemplified by NTPC Green and ONGC Green's joint acquisition of Ayana.

Key Risks to Watch

• Execution Delays: Wind installations remain vulnerable to regulatory clearances, land availability, and transmission connectivity bottlenecks.
• Supply Chain Volatility: Fluctuations in turbine component pricing and logistics could impact project margins.
• Socio-Environmental Clearances: Onshore wind projects must continually navigate local environmental guidelines and wildlife passage rules.

Recent Developments

NTPC Green Energy Group has demonstrated active progress. On June 12, 2026, the group declared the commercial operation of a 50 MW solar component of its Rajasthan RTC project. Prior to this, on May 27, 2026, the group commissioned the final 105 MW of its 1,200 MW Khavda-II Solar Project in Gujarat, taking its total capacity to 10,621.4 MW. Additionally, on May 8, 2026, NTPC Renewable Energy awarded a ₹621 crore contract to KPI Green Energy for 500 MW solar projects at Bikaner.

Closing Insight

This latest 50 MW wind project win underscores the effective scaling of the ONGC-NTPC Green joint venture. Through Ayana's robust platform, NTPC Green Energy is translating strategic capital allocation into visible pipeline expansion, reinforcing its position as a front-runner in India's transition to clean energy.

High Performance Trading with SAHI.