Intimation of receipt of LOA from TGGENCO.
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Bondada Engineering has received a Letter of Award (LOA) from Telangana Power Generation Corporation Limited (TGGENCO), a state government entity, for setting up a 100 MWh (50MW x 2 hrs) Battery Energy Storage System (BESS) at Shankarpally, Telangana. The total contract value is Rs. 204.20 Crores (including GST), spread over 12 years under a Build-Own-Operate (BOO) model, with 18 months execution time from the Power Purchase Agreement. This is the company's first-ever order in the BESS segment and aligns with its Vision-2030 strategy. The order was secured through tariff-based global competitive bidding with Viability Gap Funding (VGF) support.
This is a significant new business line entry for Bondada Engineering, marking its debut in the energy storage space with a large government-backed order. For shareholders, it signals diversification beyond traditional business, entry into a high-growth sector, and potential for recurring revenue over the 12-year contract period, which could be viewed positively by the market.