NTPC Green Energy Commissions 165 MW at Khavda-II Solar Project in Gujarat

Kutch: NTPC Green Energy Limited (NGEL) has operationalised an additional 165 MW at its Khavda-II Solar PV project in Gujarat, the company informed exchanges in a regulatory filing dated February 20.

The newly commissioned capacity represents the second tranche of 165 MW from the total planned 1,200 MW Khavda-II project, which is being executed by NGEL’s wholly owned subsidiary, NTPC Renewable Energy Limited. The capacity has been declared under commercial operation with effect from 00:00 hours on February 20.

With this addition, the total installed and commercially operational capacity of the NTPC Green Energy Group has risen to 8,992.68 MW, compared to 8,827.68 MW prior to the latest commissioning.

The Khavda project is situated in Kutch district of Gujarat, a region that has emerged as a major renewable energy hub due to its high solar irradiance levels and robust power evacuation infrastructure.

On the financial front, the state-owned company reported a 73 per cent year-on-year drop in net profit for the December quarter at ₹17.5 crore, down from ₹65.6 crore in the corresponding quarter of the previous fiscal. However, revenue for the quarter grew 29.4 per cent to ₹653.3 crore, compared with ₹505 crore a year earlier.

EBITDA rose 33.8 per cent year-on-year to ₹567 crore from ₹424 crore, while the EBITDA margin improved to 86.8 per cent from 84 per cent in the same period last year.

Shares of the company settled 1.07 per cent higher at ₹90.50 on February 19, ahead of the announcement. Over the past one year, the stock has declined by 14.61 per cent.