Hexa Climate Signs 160 MW FDRE PPA with NHPC

Hexa Climate has signed a PPA with NHPC for a 160 MW Firm and Dispatchable Renewable Energy (FDRE) project to supply round-the-clock clean power to Punjab at a tariff of INR 4.33/kWh.

June 20, 2026. By Mrinmoy Dey

Hexa Climate has announced the signing of a Power Purchase Agreement (PPA) with NHPC for a 160 MW Firm and Dispatchable Renewable Energy (FDRE) project. The contracted capacity comprises 80 MW of base capacity and an additional 80 MW under the green-shoe option.

The project will supply firm renewable energy with an annual capacity utilisation factor (CUF) of 65 percent, enabling reliable power delivery beyond solar generation hours and supporting grid flexibility, stated the company.

It further added that the project will supply clean electricity on a 24x7 basis under a 25-year agreement and will be connected through the Inter-State Transmission System (ISTS). NHPC will act as the intermediary power procurer, while the end beneficiary will be the Punjab State Power Corporation (PSPCL).

The company secured the capacity at NHPC’s auction for procuring 1,200 MW of FDRE from ISTS-connected renewable projects with an energy storage facility, held in September 2024.

The tariff for the project has been discovered at INR 4.33/kWh through a competitive bidding process. The tariff has subsequently been adopted by both the Central Electricity Regulatory Commission (CERC) and the Punjab State Electricity Regulatory Commission (PSERC), providing regulatory approval for the project.

Hexa Climate stated that the project is expected to avoid around 7.47 lakh tonnes of carbon dioxide emissions annually. Over its operational life, the cumulative emissions reduction is estimated at approximately 18.7 million tonnes, equivalent to taking nearly 160,000 cars off the road each year.

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Hexa Climate

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Hexa Climate PPA with NHPC

FDRE PPA

Punjab State Power Corporation

Hexa Climate FDRE PPA