NTPC Green's Ayana bags 193 MW wind project in MP auction
Ayana Renewable Power, a step-down subsidiary, won 193 MW at ₹4.17/kWh in MPPCL's 800 MW wind tender with greenshoe. The win adds ~1.9% to NTPC Green's 10,000+ MW capacity, but contract value is undisclosed.
— 3 earlier stories on NTPC Green Energy Ltd. →What's new
- Ayana Renewable Power secured 193 MW in MPPCL's e-reverse auction for 800 MW wind power.
- The tariff won is ₹4.17 per kWh.
- The tender included a greenshoe option for an additional 800 MW, which Ayana could tap.
Why this matters
The win adds only ~1.9% to NTPC Green's operational capacity of over 10,000 MW, making it a modest, incremental expansion. Without a disclosed contract value, the immediate revenue impact is limited. The tariff of ₹4.17/kWh is competitive but not a major financial catalyst.
What we're watching
- Whether Ayana secures more capacity under the greenshoe option.
- Execution timeline and project commissioning date.
- Impact on NTPC Green's consolidated order book and capacity mix.
The full read
Modest. NTPC Green's step-down subsidiary Ayana Renewable Power has won 193 MW of wind capacity in Madhya Pradesh at a tariff of ₹4.17/kWh from MPPCL's 800 MW auction, which also includes a greenshoe option for an additional 800 MW. For a company with over 10,000 MW of operational capacity, 193 MW is roughly 1.9% growth. The contract value is undisclosed. So the immediate revenue contribution is unclear, but the win does mark incremental portfolio expansion and diversification into wind from a state utility. By contrast, recent wins like the 1,200 MW solar PTC deal with PTC India carry much greater scale and financial heft. Given NTPC Green's high trailing P/E of 154x and low ROE of 2.6%, the market is unlikely to react materially. Whether Ayana taps the greenshoe option for more capacity remains the next catalyst.
Questions answered
- Who is Ayana Renewable Power and how does it relate to NTPC Green?
- Ayana is a wholly owned subsidiary of ONGC NTPC Green Private Limited, which is a joint venture partially owned by NTPC Green Energy Ltd. So Ayana is a step-down subsidiary of NTPC Green.
- What is the greenshoe option in the tender?
- The tender originally sought 800 MW of wind power, with a greenshoe option allowing the buyer to award an additional 800 MW. Ayana won 193 MW from the base portion and may participate in the extra capacity.
- How does this win compare to NTPC Green's existing capacity?
- NTPC Green has over 10,000 MW of operational renewable capacity. The 193 MW win adds roughly 1.9% to that base, making it a small but positive addition.
- What is the financial impact of this project?
- The filing does not disclose the contract value or expected revenue. Given the modest capacity, the financial impact on NTPC Green's consolidated results is likely minor.
- Is this NTPC Green's first wind project?
- Not necessarily—NTPC Green already has a diversified renewable portfolio including wind. This win represents further diversification into wind but is not a first entry.
- What were NTPC Green's recent large-scale wins?
- Earlier in 2026, NTPC Green signed a 1,200 MW solar PTC deal with PTC India and won a 250 MW solar-plus-storage project on defence land. This 193 MW wind win is smaller in comparison.
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All notes on NTPCGREEN →- 30 Jun 2026 · 9:10 PM IST NTPC Green's Ayana bags 193 MW wind project in MP auction
- 3d ago NTPC Green pivots to bilateral solar sales with 1,200 MW PTC deal
- 27d ago NTPC Green lands first solar-plus-storage contract on defence land
- 45d ago NTPC Green Energy posts ₹406 cr profit as board clears ₹5,000 cr raise