India's NCRTC signs PPA with NNRL for 110 MW captive solar project

en.Wedoany.com Reported - On August 28, the National Capital Region Transport Corporation (NCRTC) announced that it has signed a power purchase agreement (PPA) with NIRL NCRTC Renewables Limited (NNRL) for a 110 MW captive solar power plant, with the project to be developed by NNRL. A subsequent filing by NLC India to the stock exchange confirmed that the project is proposed to be built in Uttar Pradesh, and the electricity generated will be procured by NCRTC under a captive power model for a period of 25 years.

The PPA stipulates that the project is scheduled to commence commercial operation within 24 months from the date of signing the agreement, with an annual generation requirement of 180 MU, equivalent to approximately 180 million kWh. NNRL is jointly held by NLC India Renewables Limited (NIRL) and NCRTC, with shareholdings of 74% and 26%, respectively. The joint venture was incorporated on May 27, 2026, with its business scope covering grid-connected solar project development.

The project investment announced by NCRTC is approximately INR 4.5 billion, with a financing structure configured at a debt-to-equity ratio of 80:20. The project's electricity is expected to meet nearly 60% of the power demand of the Delhi–Meerut Namo Bharat corridor, and NCRTC estimates that its annual electricity expenditure could be reduced by approximately 25%, with carbon dioxide emissions decreasing by about 177,000 tonnes per year.

The procurement process for the project was initiated in August 2025. NCRTC issued a tender on August 11 of that year for a 110 MW AC-side grid-connected solar project under a captive power model, and NLC India passed the technical evaluation and was awarded the project. The letter of acceptance issued on December 12, 2025 shows a fixed tariff of INR 2.73/kWh for 25 years, with the price inclusive of applicable taxes within the contract scope.