NTPC Green Energy Limited (NGEL) has secured a landmark victory in the renewable energy space by emerging as the successful bidder for a battery energy storage project in Kerala. The company won a total capacity of 80MW/320MWh through a competitive e-reverse auction organized by NHPC Limited on May 21, 2025.
The auction was part of NHPC’s broader tender aimed at the development of 125MW/500MWh InSTS-connected standalone Battery Energy Storage Systems (BESS) in Kerala. The tender process was conducted under the Tariff-Based Competitive Bidding (TBCB) framework and includes Viability Gap Funding (VGF) support from the central government to make large-scale energy storage more commercially viable.
NGEL has been entrusted with two major BESS projects under this initiative:
- 40MW/160MWh at Pothencode substation, awarded at a tariff of ₹4,57,000/MW/month
- 40MW/160MWh at Sreekantapuram substation, awarded at a tariff of ₹4,34,000/MW/month
These projects are expected to play a critical role in strengthening Kerala’s grid stability, enhancing renewable energy integration, and supporting the state’s decarbonization goals. The formal Letter of Award from NHPC is currently awaited and is expected to pave the way for immediate commencement of project planning and execution.
This achievement adds to a strong financial quarter for NGEL. In its Q4 FY25 results, the company reported a net profit of ₹233.22 crore, registering an impressive 188% growth compared to ₹80.95 crore in the corresponding quarter of the previous year. Revenue for the quarter stood at ₹622.27 crore, up 22% from ₹508.14 crore year-on-year. Operating expenses during the quarter were reported at ₹444.63 crore.
Further solidifying its growth trajectory, NGEL successfully concluded its ₹10,000 crore Initial Public Offering (IPO) in FY25, issuing over 92.63 crore equity shares. The shares were listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on November 27, 2024. This IPO has positioned NGEL with enhanced capital strength to scale up its renewable energy and battery storage ventures.
With this new project win and robust financial performance, NTPC Green Energy Limited continues to reinforce its leadership in India’s transition to clean energy.
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