NTPC issued a request for proposals in 2020 to acquire operational solar power assets in India, targeting a minimum capacity of 1,000 MW. The tender was designed to identify existing projects for possible acquisition rather than commission new solar plants. The original RFP, dated August 31, 2020, invited proposals from project promoters, lenders, authorised financial intermediaries, independent power producers and developers.
A key feature was the focus on assets already generating electricity. Eligible projects had to have at least 50 MW of installed alternating-current capacity at a single location and must have operated continuously for at least one year by the Stage-I proposal submission date. Their power-purchase agreements also had to carry tariffs of no more than ₹5 per unit and have approval from the relevant state or central regulatory commission. Power evacuation had to be through a central or state transmission utility.
The tender allowed sellers to offer either a standalone solar asset or a special purpose vehicle whose entire equity stake was proposed for sale to NTPC. The company planned a two-stage evaluation, beginning with techno-commercial assessment followed by price proposals. This structure enabled NTPC to assess the suitability of operating assets before proceeding to commercial evaluation.
The Economic Times reported at the time that acquiring around 1 GW of operational solar capacity could require an investment of approximately ₹5,000 crore. That figure was a reported estimate, not a fixed acquisition price specified in the RFP. The tender document set out NTPC’s minimum capacity objective but did not establish that the full capacity was ultimately acquired under this process.
The acquisition strategy offered NTPC a route to expand its renewable portfolio by purchasing generating assets rather than relying exclusively on new project development. However, the original RFP’s stated objective was to shortlist suitable assets for possible acquisition. The tender alone does not establish the final capacity acquired, the transaction value or the completion of the proposed purchases.