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NHPC Limited and the Government of Bihar have signed an agreement for the investment of INR 5,500 crore to develop solar and green hydrogen projects in the state. In a statement, NHPC said the total capacity to be developed is 1,000 megawatts (MW). The deal is expected to create approximately 800 employment opportunities. So far, NHPC’s total installed capacity is 7,232.90 MW, including 1,681.70 MW in joint ventures. This comprises 6,971.20 MW from 22 hydro power stations, 211.70 MW from five solar power projects, and 50 MW from a wind power project.

NHPC to invest INR 5,500 crore for green projects in Bihar

State-owned National Hydroelectric Power Corporation (NHPC) announced that the company is awaiting for a clearance from the National Dam Safety Authority (NDSA) to begin commissioning three units of the Subansiri Lower Hydroelectric Project, each with a capacity of 250 MW. The Subansiri Lower project, being developed by NHPC under the Ministry of Power, has a total capacity of 2,000 MW. Earlier on May 26, NHPC had indicated plans to initiate commissioning of the first three units by June. The remaining five units—also of 250 MW each—are scheduled to be completed in a phased manner by May 2026.
Subansiri Lower HE Project is the largest hydroelectric project ever undertaken in India and is a run-of-river project with water storage on the Subansiri. It is located near North Lakhimpur on the border of Arunachal Pradesh and Assam. The nearest railhead is Nagaon, and the nearest airport is Lilabari/Dibrugarh. The estimated annual energy generation from the project in a 90 per cent reliable year is 7,421.59 MU.

NHPC awaits final dam safety clearance to commission 250 MW at Subansiri dam

NHPC Limited, a Navratna PSU, reported a strong performance for the half-year ended September 30, 2025, with total income rising to ₹5,709.54 crore from ₹4,965.37 crore YoY. Quarterly profit surged to ₹1,643.86 crore, driven by enhanced operational efficiency and steady expenses of ₹2,549.25 crore. The company’s balance sheet remains robust, with total assets growing to ₹93,570.28 crore and a healthy operating cash flow of ₹3,420.57 crore. Backed by a stable equity base of ₹10,045.03 crore, NHPC is well-positioned to drive its growth through strategic renewable energy initiatives and disciplined capital management.

NHPC Limited Reports Strong H1 2025 Financial Growth

NHPC has 15 under-construction projects (10.6 GW), facing execution and funding risks. Past projects experienced cost and time overruns. Avoiding delays and securing capital cost approvals are key rating factors.



NHPC faces counterparty credit risk from state utilities, with overdue receivables dropping from 55% in FY21 to 8% in FY24. Its market dominance and diverse off-taker base help mitigate this risk.



The issuer has made timely interest payments.

Bhupender Gupta, Chairman & Managing Director (CMD)

NHPC achieved a PAF of 77.6% in FY24 and 82.68% in H1FY25, surpassing the 77.4% target. Despite lower hydrology and flash floods, 10 plants exceeded the NAPAF, and six generated more than their design energy, earning incentives for performance.

NHPC's long-term PPAs ensure stable cash flows, with tariffs set on a cost-plus basis by CERC. 50% of the tariff is based on availability, and the rest on generation above design energy. The tariff remains competitive, under ₹4.0/unit.

NHPC enjoys strong GoI support (67.40% stake as of Sept 30, 2024) through concessional funding, hydro-specific policies, and budgetary aid for key projects.

Rating agency	Rating	Needle position
CARE	AAA Stable	near High Safety
ICRA	AAA Stable	near High Safety
IND	AAA Stable	near High Safety

Security Name: 8.67% NHPC Limited (Tax Free) 02 Nov 2033

ISIN: INE848E07567

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