On March 28, 2026, the Board of Directors of NTPC Limited sanctioned capital investments totaling ₹8,995.57 crore for two power sector projects. According to official regulatory disclosures filed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the meeting commenced at 11:10 AM and concluded at 12:15 PM. The board allocated ₹5,821.90 crore for Battery Energy Storage System (BESS) capacity and ₹3,173.67 crore as additional equity for the Meja Stage-II thermal expansion.
BESS Technical and Financial Specifications
The sanctioned ₹5,821.90 crore for 4.70 GWh of BESS capacity represents a capital expenditure of approximately ₹1.24 crore per MWh. This total board approval encompasses the national implementation plan, including the 2.67 GWh Lot-2 deployment and previous storage initiatives such as the 2.33 GWh Lot-I auction. Per the official tender documents, these lithium-ion based systems must adhere to the following technical and operational specifications:
- Operational Duration: A design service life of 12 years.
- Cycling Parameters: Requirement for twice-daily cycling.
- Engineering Scope: Design, engineering, supply, installation, and commissioning.
- Maintenance Protocol: A comprehensive annual maintenance contract for the duration of the system’s service life.
Project Scope and Location Breakdown
The BESS deployment is intended to provide ancillary services, grid stability, and peak load management. According to company disclosures, the 2.67 GWh component (Lot-2) will be distributed across nine thermal power station locations as follows:
- Barauni: 1,000 MWh
- Gadarwara: 320 MWh
- NTECL-Vallur: 300 MWh
- Khargone: 250 MWh
- Dadri-II: 200 MWh
- Tanda-II: 200 MWh
- Bongaigaon: 150 MWh
- Solapur: 150 MWh
- Unchahar: 100 MWh
Strategic Expansion: Meja Stage-II Thermal Project
The board approved an additional equity infusion of ₹3,173.67 crore for Meja Urja Nigam Private Limited (MUNPL), a 50:50 joint venture between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL). This capital supports the development of Meja Stage-II, which consists of 3×800 MW units totaling 2,400 MW. This expansion adds to the existing 1,320 MW (2×660 MW) capacity of the Stage-I facility.
The total equity commitment for this venture is now ₹5,000 crore. The release of funds is contingent upon UPRVUNL providing a proportionate equity contribution to maintain the equal shareholding structure. The project completion timeline is scheduled for FY 2029-30.
Market Context and Regulatory Alignment
NTPC’s investment aligns with its “Energy Compact Goals,” which target the installation of 22 GWh of BESS and 60 GW of renewable energy capacity by 2032. These objectives support the national target of 500 GW of non-fossil-based power capacity.
The investment follows a February 2025 mandate from the Ministry of Power requiring solar tenders to include a minimum two-hour co-located storage system, equivalent to 10% of installed capacity. The Ministry of Power expects this mandate to result in approximately 14 GW/28 GWh of storage capacity nationwide by 2030. In accordance with these transitions, MSCI ESG Ratings upgraded NTPC from a B to a BB rating, effective March 23, 2026, as stated in official regulatory filings.
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