NTPC Green Energy Limited, which trades under the ticker NTPCGREEN and debuted on the bourses in November 2024, has reported a major project milestone through its subsidiary. On November 21, 2025, the power generation firm announced that Ayana Renewable Power Private Limited, a wholly owned subsidiary of ONGC NTPC Green Private Limited, has emerged as a successful bidder in the high-profile tender floated by REMC Limited. The project in question pertains to the supply of round-the-clock renewable power, with or without storage, for traction operations of Indian Railways, under a 25-year Power Purchase Agreement.
Ayana secured 140 megawatts of capacity at a final discovered tariff of ₹4.35 per kilowatt hour through the e-reverse auction process. The allocation stems from REMC Limited’s tender for 1,000 megawatts of RTC power capacity, which drew attention from several public and private sector energy developers aiming to meet India’s next generation of clean, reliable baseload power needs.
The win positions NTPC Green Energy Limited and its joint venture partner ONGC Green Limited at the heart of India’s evolving clean energy narrative, particularly in segments that require high grid availability and long-term price certainty.
Why Ayana’s REMC win signals a turning point in RTC power procurement
The significance of this development goes beyond the headline tariff. REMC Limited, a joint venture between the Ministry of Railways and RITES Limited, floated the tender in July 2025 for sourcing 1,000 megawatts of RTC power from grid-connected renewable energy projects. The bidding format followed a two-stage envelope with a single-phase e-tender, followed by an aggressive e-reverse auction.
The purpose of the RTC procurement is to decarbonize Indian Railways’ traction load across 14 power access regions, while ensuring high-quality, time-block-available supply. In the context of the tender, power developers were required to guarantee a minimum time-block-wise availability of 50 percent across all 15-minute scheduling intervals, and an annual plant availability of 75 percent during the first three years and 85 percent thereafter. The auction was keenly watched given the increased demand for RTC-compliant projects from institutional buyers.
Ayana Renewable Power Private Limited’s win in this auction demonstrates the company’s ability to compete on pricing while meeting high-performance obligations. Its successful bid also underlines the bankability of projects developed under the NTPC–ONGC umbrella, which has rapidly evolved into a credible platform for RTC-linked clean energy deployments.
What makes REMC’s RTC tender design pivotal for the Indian renewables sector
The structure of the REMC Limited tender highlights India’s growing interest in dispatchable renewable power, a concept that combines solar, wind, and energy storage to emulate baseload energy behavior. Unlike traditional solar or wind projects, RTC projects are required to deliver power 24×7 through a combination of generation and storage assets, often with sophisticated forecasting, hybrid configurations, and multi-source integration.
According to the request for selection (RfS) document reviewed by Business News Today, the REMC tender allowed for technology-agnostic participation across renewable technologies, provided the sources were recognized by the Ministry of New and Renewable Energy. The winning bidders are required to deliver power via interstate transmission systems, and project commissioning timelines will be closely monitored under strict performance obligations.
The tariff ceiling and the demand for bankable power purchase agreements, combined with liquidity damages clauses for shortfall in performance, make the REMC tender one of the most institutional-grade renewable auctions in India to date.
How the Ayana–NTPC–ONGC platform fits into India’s broader energy transition roadmap
Ayana Renewable Power Private Limited’s ownership structure gives it a unique advantage. The entity is fully owned by ONGC NTPC Green Private Limited, a 50:50 joint venture between NTPC Green Energy Limited and ONGC Green Limited. This government-aligned structure allows Ayana to access low-cost capital, navigate permitting with greater ease, and scale quickly across grid-interfaced locations.
Ayana itself has evolved from its origins as a platform seeded by British International Investment, and over the last few years, has expanded its portfolio to over 3 gigawatts of renewable energy assets. Its participation in tenders like REMC allows it to leverage institutional creditworthiness while pursuing large-format renewable capacity auctions.
For NTPC Green Energy Limited, this project win reinforces its market positioning post-listing. As of November 21, 2025, the stock was trading at ₹97.04, down marginally by 0.47 percent on the day, with a 52-week high of ₹155.35 and a 52-week low of ₹84.55. The traded volume on the day stood at 15.32 lakh shares, translating to a turnover of ₹14.89 crore, and the free float market capitalization remained limited at ₹8,989 crore.
What stock market and institutional investors are watching as NTPC Green scales
With a current adjusted P/E ratio of 163.92, NTPC Green Energy Limited is being priced at a significant premium to legacy power utilities. The elevated multiple reflects strong investor expectations on capacity additions, long-term power purchase agreements, and the monetization of government-enabled clean energy platforms.
However, such valuations also demand consistent execution. Investors will now closely monitor the pace of signing and operationalizing the REMC-linked power purchase agreement, timelines for financial closure, and eventual commissioning of the 140 megawatts of capacity. Further clarity on Ayana’s ability to deliver on availability metrics will also play a key role in shaping near-term sentiment.
The next few quarters will also be closely watched for participation in similar RTC and hybrid tenders issued by SECI and state discoms. Analysts believe the RTC segment could grow to over 10 gigawatts over the next three years, with strong appetite from both central agencies and industrial buyers seeking green baseload power.
What differentiates RTC projects from typical solar or wind deployments
The REMC tender highlights the strategic transition from variable renewable power to grid-firm offerings. Unlike conventional solar or wind projects that generate intermittently, RTC projects are structured to guarantee availability at all hours. This is achieved through a mix of solar during the day, wind in the evening or night, and energy storage to fill in the gaps. In some cases, developers may also include hydro or pumped storage capacity.
This configuration allows buyers like Indian Railways to meet their clean energy targets without compromising on operational continuity or grid reliability. For developers, the higher tariffs and long-term contracts provide stable annuity-style cash flows, which are particularly attractive to infrastructure investors, sovereign funds, and green bond issuers.
As India ramps up its grid modernization efforts, including integration of flexible thermal, hydro, and storage assets, RTC power is likely to become the new standard for institutional clean energy procurement.
What could catalyze or derail NTPC Green Energy’s next growth phase
Ayana’s successful bid under REMC is an execution milestone, but several key factors will influence whether NTPC Green Energy can capitalize on this momentum. Timely financial closure, rapid onboarding of EPC and storage partners, and early commissioning will be critical to avoiding delays and penalties. Clarity on energy storage system integration and the split between solar, wind, and storage will also be closely tracked.
From a market perspective, NTPC Green’s future valuations may be influenced by its ability to build RTC projects at scale, improve earnings visibility, and explore asset monetization via infrastructure investment trusts (InvITs) or green bond platforms. Analysts also expect the firm to pursue additional capacity under SECI’s upcoming RTC auctions, which could offer 3–4 gigawatts of opportunity over the next 18 months.
If NTPC Green can consistently execute on such wins, maintain availability thresholds, and keep costs in check, it may further consolidate its leadership among India’s green power heavyweights.
Key takeaways from Ayana’s 140 MW REMC bid win
- Ayana Renewable Power Private Limited, a subsidiary of ONGC NTPC Green Private Limited, won 140 MW in REMC Limited’s 1,000 MW RTC tender.
- The winning tariff was ₹4.35 per kilowatt hour, discovered via e-reverse auction, under a 25-year Power Purchase Agreement for Indian Railways.
- REMC’s tender mandates 50% availability in every 15-minute time block and annual availability thresholds of 75% (first 3 years) and 85% thereafter.
- NTPC Green Energy Limited’s participation in RTC auctions supports its transition from variable renewables to grid-firm energy supply.
- Ayana’s win strengthens the NTPC–ONGC clean energy platform’s credibility in executing RTC projects with hybrid and storage assets.
- As of November 21, 2025, NTPC Green Energy shares were trading at ₹97.04 with a P/E of 163.92, reflecting high investor expectations.
- Institutional investors are watching for timely PPA execution, financial closure, and capacity commissioning milestones.
- RTC tenders are emerging as the new standard for high-availability, clean energy procurement, aligning with India’s Net Zero 2030 goals.
- Indian Railways remains a high-credit off-taker driving demand for RTC power, enabling private-public clean energy collaboration.
- The REMC tender is a bellwether for future clean infrastructure deals combining long-term offtake, performance benchmarks, and policy alignment.
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