NTPC Green Stock In Focus After Commissioning 150 MW Solar Project in Rajasthan

Synopsis: NTPC Green Energy commissions 150 MW Rajasthan solar plant, raising total capacity to 10,276.40 MW; joint venture project with ONGC goes live April 18, advancing India’s 500 GW renewable target.

NTPC Green Energy Limited (NGEL) has declared commercial operation of 150 MW of solar capacity in Rajasthan, effective April 18, 2026. The capacity forms the first half of a 300 MW solar project run by Project Sixteen Renewable Power Private Limited. This company is a step-down subsidiary of ONGC NTPC Green Private Limited a 50:50 joint venture between NGEL and ONGC Green Limited.

NTPC Green Energy Limited’s stock, with a market capitalisation of Rs. 92,335 crores, rose to Rs. 111.84, up of 2.8 percent from its previous closing price of Rs. 108.79. Furthermore, the stock over the past year has given a return of 1.15 percent

With this addition, NGEL’s total installed capacity rises from 10,126.40 MW to 10,276.40 MW. The group crossed the 10 GW milestone around March 2026. During FY26 alone, the group added roughly 4,175 MW a sharp jump driven largely by solar projects across Rajasthan and Gujarat.

For context, NTPC Group’s total capacity stands at around 89 GW as of early 2026. Renewables are now its fastest-growing segment. NGEL sits at the centre of that shift.

Rajasthan is India’s top solar destination. The state receives between 5.5 and 6.5 kWh of solar energy per square metre every day. It also offers vast land and strong government support. Major solar parks at Bhadla and Bikaner already operate here. Project Sixteen fits neatly into this western Rajasthan belt.

The project itself traces back to the Ayana Renewable Power portfolio. ONGC NTPC Green fully acquired Ayana in March 2025. That deal brought in solar, wind, and hybrid assets spread across several states giving NGEL a large pipeline almost overnight.

What This Means for Revenue

Once a project achieves commercial operation, it starts earning under a Power Purchase Agreement. These deals typically run for 25 years. Recent Rajasthan solar tariffs have ranged between Rs. 2.50 and Rs. 3.00 per unit. Moreover, the new capacity also qualifies for Renewable Energy Certificates, adding another income stream.

The remaining 150 MW of Project Sixteen will follow in a later phase. Large solar projects commonly commission in parts due to equipment supply and grid approvals.

India aims to build 500 GW of non-fossil fuel capacity by 2030. Rajasthan alone targets 75 GW of solar. NTPC’s own goal is to reach 60 GW of renewable capacity by 2032, as part of a broader 149 GW total portfolio.

Therefore, each project like this one moves the needle not just for NGEL, but for India’s energy transition as a whole. The ONGPL joint venture structure also spreads risk and opens doors to international green funding. Execution, clearly, is keeping pace with ambition.

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