Insolation Green Energy has won a ₹5.58 billion (~$58.46 million) contract to supply solar modules to NTPC Renewable Energy (NTPC REL).

The contract will be executed in the financial year 2026-27.

In the fourth quarter of the financial year 2026, Insolation Energy clocked ₹7.92 billion (~$83.12 million) in revenue, a 99.9% year-on-year increase from ₹3.96 billion (~$41.59 million). The company’s profit after tax shot up to ₹698.4 million (~$7.3 million), up 64% from ₹423 million (~$4.45 million).

Insolation Energy attributed the rise in revenue to strong demand across the utility-scale, rooftop, commercial, and industrial segments, as well as government-led clean energy projects. Vikas Jain, Managing Director at Insolation Energy, said the company’s solar cell and aluminum frames expansion projects represent a major step towards backward integration and ensuring long-term competitiveness.

Earlier in March, Insolation Energy expanded its enlisted capacities under the Approved List of Models and Manufacturers (ALMM) by 1,491 MW.

India added nearly 119 GW of solar modules and over 9 GW of solar cell capacity in 2025, according to Mercom’s State of Solar PV Manufacturing in India 2026 report. A large pipeline of utility-scale solar projects, residential rooftop targets, the PM Surya Ghar program, and the ALMM-II mandate drove the manufacturing expansion.

In June, NTPC REL invited bids from lenders and financial institutions for a rupee term loan of up to ₹60 billion (~$636 million) to support its clean energy portfolio. The loan will be used to fund projects, refinance existing loans, and meet general corporate requirements.

The loan has a door-to-door tenor of at least 15 years and a three-year moratorium. As of March 31, 2026, NTPC REL had a net worth of ₹109.12 billion (~$1.16 billion) and a paid-up share capital of ₹108.44 billion (~$1.15 billion).

NTPC REL currently has an installed renewable energy capacity of 4,459 MW comprising 4,263 MW solar and 196 MW wind. Around 13 GW of capacity is under construction, while another 6 GW is under various stages of tendering.