Oil and Natural Gas Corporation (ONGC) has issued a Notification of Award (NOA) to Prozeal Green Energy for the development of a 250 MW wind energy project. The total contract valuation exceeds INR 2,000 crore (INR 20 billion). This project represents Prozeal Green Energy’s first entry into the utility-scale wind energy segment, contributing to the total onshore wind capacity awarded in India during the first quarter of 2025.
Key Project Details
- Project Scope: Development of 250 MW captive, Inter-State Transmission System (ISTS)-connected wind power capacity in India.
- Financial Terms: The award is valued at over INR 2,000 crore (INR 20 billion).
- Execution Mandate: The contract requires end-to-end execution of the project.
- Maintenance Agreement: The mandate includes an operations and maintenance (O&M) contract for a duration of 10 years.
- Strategic Milestone: This contract marks the transition of the winning bidder into the utility-scale wind energy market from its existing focus on solar sectors.
Corporate Context and Background
Prozeal Green Energy The company provides renewable energy solutions, specializing in engineering, procurement, and construction (EPC) services for solar power projects on a turnkey basis. Prozeal Green Energy has secured approval from the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) targeted for the second quarter of FY27. Based on draft papers filed in March 2025, the IPO is valued at INR 700 crore, consisting of a fresh issue of equity shares worth INR 350 crore and an offer for sale (OFS) of INR 350 crore by promoters and existing shareholders. The firm intends to allocate INR 250 crore from the fresh issue for long-term working capital and INR 19.53 crore for subsidiary acquisitions and debt repayment.
ONGC The contract award is part of ONGC’s efforts to expand its renewable energy development and power generation portfolio.
Market Context: India’s Wind Energy Landscape (Q1 2025)
The ONGC award to Prozeal Green Energy is a component of the 3.3 GW of onshore wind capacity awarded in India during Q1 2025. According to GWEC Market Intelligence data, the market context for this period includes:
- Global Performance Metrics: Global wind auction capacity awarded in Q1 2025 reached nearly 40 GW. While this volume is 3% higher than Q1 2024, it represents a 34% decline compared to Q4 2024. Onshore wind accounted for 96% of the total awarded capacity globally during the quarter.
- Regional Dominance: The APAC region accounted for 84% of all global wind capacity awarded in Q1 2025. China led this volume with 30.3 GW of onshore capacity.
- National Context and Comparative Bids: Within India’s 3.3 GW quarterly total, other awards included a 583 MW standalone wind bid and a 448 MW dispatchable renewable energy wind bid (including a greenshoe option) awarded to SJVN. PSU bidding agencies also issued 2.4 GW through hybrid bids during this period.
- Global Market Share: India’s onshore wind awards represented 9% of the global onshore auction market for the first quarter of 2025.
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