NTPC Green Energy's Strategic Wind Energy Expansion in Gujarat: A Catalyst for India's Green Energy Transition

India's renewable energy sector is undergoing a seismic shift, driven by ambitious national targets and the urgent need to decarbonize its energy grid. At the forefront of this transformation is NTPC Green Energy Limited (NGEL), a subsidiary of the state-owned NTPC Limited, which has positioned itself as a key player in India's wind and solar energy landscape. With Gujarat emerging as a powerhouse for renewable energy, NGEL's strategic investments and joint ventures in the state are not only accelerating clean energy deployment but also presenting compelling investment opportunities.

The Dayapar Wind Energy Project: A Hybrid Powerhouse

The cornerstone of NGEL's wind energy expansion in Gujarat is the Dayapar Wind Energy Project, part of a larger 450 MW hybrid initiative. This project, developed by NTPC Renewable Energy Limited (NREL), a wholly owned subsidiary of NGEL, has already achieved significant milestones. In November 2023, the first 50 MW phase became operational, followed by an additional 90 MW in April 2025, bringing the total Phase-I capacity to 150 MW. The hybrid model combines wind with solar energy, ensuring a stable power supply and optimizing land use.

The project's success is underpinned by Gujarat's favorable wind conditions and the Indian government's ISTS exemption policy, which grants 100% transmission cost relief for projects commissioned before June 30, 2025. This regulatory tailwind has significantly enhanced the project's profitability, making it a model for future hybrid projects.

Joint Ventures: Scaling Renewable Capacity

NGEL's partnerships are amplifying its impact in Gujarat and beyond. A notable collaboration is NTPC-MAHAPREIT Green Energy Limited, a joint venture with Mahatma Phule Renewable Energy and Infrastructure Technology Limited. With a 74:26 equity split in favor of NGEL, this venture aims to develop up to 10 GW of renewable energy projects, including wind, solar, and hybrid systems. While initially focused on Maharashtra, the venture's scalability allows it to extend into Gujarat, where NGEL's existing projects are already operational.

Another strategic alliance is IndianOil NTPC Green Energy Private Limited (INGEL), a 50:50 joint venture with IndianOil. INGEL is targeting 650 MW of Round-the-Clock (RTC) Renewable Energy through a combination of 800 MW solar, 1,000 MW wind, and 1,200 MWh of energy storage. This project, with a 25-year Power Purchase Agreement (PPA) with IndianOil, ensures a stable revenue stream and reduces intermittency risks associated with renewables. The partnership leverages IndianOil's infrastructure and NGEL's technical expertise, creating a synergistic model for large-scale renewable deployment.

Suzlon's 1,166 MW Wind Power Order: A Game Changer

In a landmark deal, Suzlon Energy has secured a 1,166 MW wind power order from NGEL in Gujarat. This project, the largest in India's wind sector, involves 370 S144 turbines, each with a 3.15 MW capacity, to be deployed across three sites. Suzlon will handle the entire project lifecycle, including supply, installation, and a 10-year operations and maintenance (O&M) agreement. The project is slated for full commissioning by February 2026, with the first phase operational by December 2025.

This initiative aligns with India's “Make in India” policy, as the turbines are manufactured locally. The project's scale and Suzlon's long-term O&M commitment reduce operational risks for NGEL, ensuring sustained energy output and revenue. Moreover, the project is expected to power nearly 3 million homes annually, directly contributing to India's 500 GW non-fossil fuel target by 2030.

Financial Strength and Strategic Vision

NGEL's ability to secure regulatory benefits and execute projects ahead of schedule has bolstered investor confidence. The company raised ₹8,000 crore in 2025 through debenture issues, with funds allocated for capital expenditure and refinancing. Additionally, the government has granted NGEL ₹20,000 crore in financial delegation to invest in renewable projects, enabling rapid scaling.

The company's financials reflect this momentum. In Q3 FY25, NGEL reported a 13.2% YoY revenue growth to ₹505.08 crore and an 18% increase in net profit to ₹65.61 crore. These metrics highlight NGEL's operational efficiency and its capacity to deliver consistent returns.

Investment Thesis: A Win-Win for India and Investors

NGEL's Gujarat-based wind projects and joint ventures are not just strategic but also financially sound. The Dayapar hybrid project, Suzlon's large-scale wind order, and the INGEL partnership exemplify NGEL's ability to leverage policy incentives, technological innovation, and strong partnerships. These initiatives position the company to benefit from India's 60 GW renewable energy target by 2032 and the global shift toward decarbonization.

For investors, NGEL offers a compelling mix of growth potential and stability. Its joint ventures mitigate execution risks, while long-term PPAs and ISTS exemptions ensure predictable cash flows. Moreover, Gujarat's renewable-friendly policies and abundant wind resources create a favorable environment for sustained growth.

Conclusion: A Green Energy Powerhouse

NTPC Green Energy's strategic wind energy expansion in Gujarat is a microcosm of India's broader energy transition. By combining cutting-edge technology, regulatory advantages, and robust partnerships, NGEL is not only advancing national clean energy goals but also creating value for stakeholders. As the company moves closer to its 60 GW target, its projects and collaborations in Gujarat will remain pivotal in driving India's renewable energy revolution.

For investors seeking exposure to the green energy boom, NGEL represents a rare opportunity to align with a state-backed entity that is poised to lead the charge in a high-growth, mission-critical sector. With its track record of execution and a pipeline of transformative projects, NTPC Green Energy is a name to watch in India's energy future.