Intimation of receipt of LoA for BESS from TNGECL.
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Bondada Engineering has received a Letter of Award from Tamil Nadu Green Energy Corporation Limited (TNGECL), a state government entity, to set up a 400 MWh (200MW x 2 hrs) standalone grid-scale Battery Energy Storage System in Tamil Nadu at Vellalaviduthi and Thennampatty. The project will be executed on a Build-Own-Operate (BOO) model under tariff-based competitive bidding with viability gap funding support, and the company claims it is the largest storage capacity order in its history. The total contract value is Rs. 836 crore (including GST) spread over 12 years, with 18 months for execution from the date of the Battery Energy Storage Purchase Agreement. The order supports the company's stated vision of reaching 10 GW capacity in the green energy space by 2030, with grid integration targeted by 2027.
This is a marquee order for Bondada Engineering that strengthens its presence in the energy storage segment and provides long-term revenue visibility over 12 years. For shareholders, it signals meaningful business growth in a high-potential clean energy vertical, though execution and funding risks under the BOO model should be monitored.