NLC India Limited has achieved a major milestone in its renewable energy expansion with the successful commissioning of the final phase of its 300 MW solar project at Barsingsar in Bikaner district, Rajasthan. The company announced that the third and final phase became commercially operational on January 24, 2026, marking the completion of this significant solar power initiative.

Project Completion Details

The final phase of the solar project comprises 141.17 MW capacity and received its Part Commissioning Certificate from Rajasthan Renewable Energy Corporation Limited on January 24, 2026. This completion follows the successful commissioning of earlier phases that were rolled out in a phased manner throughout 2025.

Enhanced Renewable Energy Portfolio

With the completion of the entire 300 MW solar project, NLC India's total installed renewable energy capacity has increased to 1,766 MW. This expansion represents a significant step forward in the company's commitment to clean energy generation and aligns with India's broader renewable energy objectives.

Regulatory Compliance

The announcement was made in compliance with Regulation 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows previous intimations dated November 22, 2025, and November 2, 2025, keeping stakeholders informed about the project's progress throughout its development phases.

Strategic Location and Infrastructure

The solar project is strategically located at Barsingsar in Bikaner district, Rajasthan, a region known for its favorable solar irradiation conditions. The phased commissioning approach allowed the company to bring capacity online progressively while ensuring optimal project execution and grid integration.

This completion marks another achievement for the Navratna public sector enterprise as it continues to expand its renewable energy footprint across India, contributing to the nation's sustainable energy transition goals.

NLC India Limited has notified stock exchanges regarding an ongoing credit rating matter with Brickwork Ratings India Private Limited (BWR) concerning ₹500.00 crore worth of Non-Convertible Debentures. The disclosure, made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, addresses BWR's continued rating despite the company's withdrawal request.

Rating Withdrawal Request and Reassignment

The Navratna public sector enterprise had formally communicated to BWR on February 21, 2023, requesting withdrawal of credit rating assignments for specific facilities. Following this request, NLC India obtained rating rationales from other approved rating agencies for instruments previously rated by BWR.

The company has successfully reassigned its rating requirements to established agencies, ensuring continued credit assessment through alternative channels.

Current Rating Status

NLC India has provided detailed information about the reassignment of its ₹500.00 crore bond facility:

Additionally, CRISIL continues to provide ratings for the same instrument (ISIN: INE589A08043), with the latest rationale issued on September 3, 2025. The company noted that CRISIL has been rating this instrument since inception.

Regulatory Compliance and Documentation

NLC India has fulfilled all procedural requirements for the rating withdrawal process. The company obtained and furnished the required No Objection Certificates (NOCs) from concerned Debenture Trustees and submitted these documents to BWR for withdrawal of ratings for NCDs bearing ISIN INE589A08043.

Despite receiving proper documentation and NOCs, BWR has declined to withdraw its rating, citing technical requirements as the reason for continuation.

Transparency and Disclosure

The company emphasized that current ratings from reassigned agencies are publicly available on respective credit rating agencies' websites, ensuring transparency for investors and stakeholders. This disclosure demonstrates NLC India's commitment to maintaining proper regulatory compliance and keeping stakeholders informed about material developments.

The matter highlights the procedural complexities that can arise in credit rating transitions, even when companies follow established protocols for rating agency changes.