National Thermal Power Corporation Renewable Energy (NTPC REL), a subsidiary of NTPC Green Energy, has secured 1GW of capacity in a solar PV power project auction held by Uttar Pradesh Power Corporation in India.

The auction was a part of the initiative to select solar power developers for setting up 2GW of ISTS-connected solar PV power projects across India.

The bidding, which took place on 3 January 2025, saw NTPC REL as a significant winner, offering a tariff of Rs2.56 ($0.029) per kilowatt-hour.

The company's success in the auction supports it in driving India's renewable energy transition.

This development follows the incorporation on 1 January 2025 of NTPC UP GREEN ENERGY, a joint venture (JV) between NTPC Green Energy and Uttar Pradesh Rajya Vidyut Utpadan Nigam.

The new entity, with a 51:49 partnership, received its certificate of incorporation on 4 January 2025, with the aim to develop, operate and maintain renewable energy parks and projects. NTPC Green Energy holds 51% of the shares in the company.

The Ministry of Power, Government of India, had earlier conveyed its approval for the formation of the JV through a letter dated 22 February 2024, which included the concurrence of the Department of Investment and Public Asset Management and NITI Aayog.

NGEL has since subscribed to 51,000 equity shares valued at Rs10 each, along with nominees.

Earlier in May 2020, NTPC signed a memorandum of understanding with Oil and Natural Gas Corporation in a strategic move to strengthen its renewable energy portfolio.

This agreement was aimed at establishing a JV company dedicated to the renewable energy sector, marking a step towards sustainable energy solutions.