NHPC Targets INR 15,000 Crore Capex for FY27 as Renewable Energy Portfolio Expands

NHPC Limited has set a consolidated capital expenditure target of ₹15,000 crore for FY 2026-27 as the state-owned power company continues to expand its hydro, solar, energy storage and renewable-energy portfolio.

According to NHPC’s June 2026 investor presentation, the company has 9,333 MW of installed capacity across 31 operational power stations, comprising 8,771 MW of hydropower and 562 MW of solar and wind capacity. It has a further 9,204 MW of projects under construction, including 8,014 MW of hydropower and 1,190 MW of solar capacity. Another 10,263 MW of projects are awaiting clearances and approvals.

Solar Portfolio

NHPC has 1,190 MW of solar projects under construction, with projects including a 200 MW grid-connected solar project at the Khavda Solar Park in Gujarat, a 100 MW CPSU scheme project in Andhra Pradesh, a 40 MW solar project in Odisha, a 50 MW floating solar project at West Kallada in Kerala, a 200 MW project at the GSECL Renewable Energy Park in Khavda, and a 600 MW CPSU scheme project in Gujarat.

The projects have a combined estimated capital cost of ₹6,901.47 crore. The 200 MW Khavda project is scheduled for commissioning in September 2026, while the 100 MW Andhra Pradesh project and 40 MW Odisha project are scheduled for October and December 2026, respectively.
NHPC’s subsidiary is also developing a 1,200 MW solar park in Jalaun, Uttar Pradesh, under the Ultra Mega Renewable Energy Power Project framework. The park is scheduled for completion in March 2028, with Letters of Award issued for power procurement from portions of the project. NHPC is also exploring the integration of battery energy storage with the solar park.

Renewable Energy and Storage Pipeline

Beyond projects directly under construction, NHPC is acting as an intermediary procurer for large-scale renewable-energy capacity. Its portfolio includes 6,400 MW of solar and firm and dispatchable renewable-energy projects where PPAs and PSAs have been signed, along with 14,280 MW of projects under PPA/PSA development, including solar, solar-wind hybrid, FDRE and solar-plus-storage projects.

NHPC is also progressing battery energy storage projects totalling 1,500 MWh. This includes a 500 MWh BESS project for KSEB in Kerala and a 1,000 MWh project for APTRANSCO in Andhra Pradesh. The respective projects are targeted for completion by October 2026 and January 2027.

Pumped Storage Expansion

The company has identified 15 pumped-storage projects with a combined capacity of 17,930 MW under survey and investigation. These projects are spread across Maharashtra, Andhra Pradesh, Madhya Pradesh, Odisha, Gujarat, Rajasthan and Chhattisgarh.

Among these initiatives, NHPC has signed an MoU with the Government of Chhattisgarh and CSPGCL for the 800 MW Hasdeo Bango pumped-storage project in joint-venture mode. The DPR is being prepared by WAPCOS.

Major Hydro Developments

NHPC also highlighted several major hydro developments. The CCEA approved the investment proposal for the 1,720 MW Kamala Hydroelectric Project in Arunachal Pradesh at ₹26,069.50 crore. The project is proposed to be executed through a joint venture between NHPC and the Government of Arunachal Pradesh.

For the 3,097 MW Etalin Hydroelectric Project in Arunachal Pradesh, NHPC signed a Memorandum of Agreement with the state government on June 16, 2026, for execution of the project. The project has an estimated completion cost of ₹30,037.36 crore.

NHPC also reported that four 250 MW units of the Subansiri Lower Hydroelectric Project were commissioned between December 2025 and May 2026. The remaining four units are scheduled for commissioning in Q4 FY 2026-27.

Financial Performance

For Q1 FY 2026-27, NHPC reported consolidated revenue from operations of ₹3,808.31 crore, up 18.50% from ₹3,213.77 crore in Q1 FY 2025-26. Total income increased 15.02% to ₹3,959.72 crore, while profit after tax attributable to owners of the parent rose 2.90% to ₹1,095.87 crore.

The company’s consolidated generation increased to 29,600 million units in FY 2025-26 from 25,532 million units in FY 2024-25, with solar generation rising from 292 million units to 782 million units during the period.

NHPC’s latest investor presentation indicates that the company is pursuing a broad-based clean-energy expansion strategy, combining its established hydropower portfolio with solar, battery storage, firm and dispatchable renewable energy and pumped-storage projects.