Bondada Engineering lands India's first grid-scale VRFB storage project
The NTPC Renewable Energy EPC contract for a 100 MWh vanadium redox flow battery at the Khavda Solar Park includes ten years of O&M and positions Bondada as an early mover in long-duration storage.
— 1 earlier story on Bondada Engineering Ltd. →What's new
- Bondada wins EPC + 10-year O&M contract for a 100 MWh VRFB system at NTPC's Khavda Solar Park.
- The project is India's first grid-scale deployment of vanadium redox flow battery technology.
- Execution will be done within ten months with technology partner Delectrik Systems.
Why this matters
VRFB offers a domestically sourced, long-life (25+ years) alternative to lithium-ion imports. This first-of-its-kind project with a marquee public sector client gives Bondada a technological edge over peers and a foothold in the emerging long-duration storage market, complementing its strong solar EPC portfolio. The order follows a ₹1,338 cr solar-plus-storage order from the same client earlier this year, deepening the relationship.
What we're watching
- Disclosure of the financial value — the prior solar-plus-storage order from NTPC RE was 47% of annual revenue.
- Any follow-on VRFB orders from NTPC or other utilities as India ramps grid-scale storage.
- Potential margin profile of VRFB EPC versus solar-only projects.
The full read
Bondada Engineering is back with another first from NTPC Renewable Energy. Six months after landing a ₹1,338 crore solar-plus-storage EPC order (worth 47% of trailing annual revenue), it has now won the contract to build India's first grid-scale Vanadium Redox Flow Battery (VRFB) system. The 100 MWh project at the Khavda Solar Park in Gujarat includes ten years of operations and maintenance. Financial terms are undisclosed, but the strategic value is clear: VRFB technology offers 25+ year life with near-zero degradation, using domestically sourced vanadium instead of imported lithium-ion. That makes Bondada an early mover in a market India will need as renewable capacity scales. The company will execute with Delectrik Systems within ten months. The open question is whether this first project turns into a pipeline and whether the margins match the technology premium.
Questions answered
- Why is this project significant for Bondada Engineering?
- It is India's first grid-scale Vanadium Redox Flow Battery (VRFB) project, giving Bondada a first-mover advantage in long-duration energy storage. Winning this from NTPC Renewable Energy, a marquee client, strengthens its EPC credentials beyond solar.
- What is the financial value of the order?
- The company has not disclosed the financial value. However, given the 100 MWh capacity and ten-year O&M component, it could be meaningful relative to Bondada's trailing annual revenue of about ₹3,656 cr.
- What is VRFB technology and how does it differ from lithium-ion?
- VRFB uses vanadium electrolytes and can last over 25 years with near-zero degradation. It offers a domestically sourced alternative to imported lithium-ion cells, which are prone to degradation and have shorter life cycles.
- How does this order relate to Bondada's prior work with NTPC?
- In June 2026, Bondada won a ₹1,338 cr solar-plus-storage EPC order from NTPC RE (47% of annual revenue). This new VRFB order is the second major win from the same client, deepening the partnership.
- What are the project timelines?
- The project is to be executed within ten months of receiving the letter of award, with technology partner Delectrik Systems.
Bondada Engineering Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on BONDADA →- 20 Jul 2026 · 1:10 PM IST Bondada Engineering lands India's first grid-scale VRFB storage project
- 35d ago Bondada Engineering lands ₹1,338 cr solar-plus-storage order from NTPC unit