diff --git a/charts/cluster-api-runtime-extensions-nutanix/templates/helm-config.yaml b/charts/cluster-api-runtime-extensions-nutanix/templates/helm-config.yaml
index dd1947a2a..8bc5e551b 100644
--- a/charts/cluster-api-runtime-extensions-nutanix/templates/helm-config.yaml
+++ b/charts/cluster-api-runtime-extensions-nutanix/templates/helm-config.yaml
@@ -37,7 +37,7 @@ data:
     RepositoryURL: '{{ if .Values.helmRepository.enabled }}oci://helm-repository.{{ .Release.Namespace }}.svc/charts{{ else }}https://kubernetes-sigs.github.io/node-feature-discovery/charts{{ end }}'
   nutanix-ccm: |
     ChartName: nutanix-cloud-provider
-    ChartVersion: 0.4.1
+    ChartVersion: 0.5.0
     RepositoryURL: '{{ if .Values.helmRepository.enabled }}oci://helm-repository.{{ .Release.Namespace }}.svc/charts{{ else }}https://nutanix.github.io/helm/{{ end }}'
   nutanix-storage-csi: |
     ChartName: nutanix-csi-storage
diff --git a/hack/addons/helm-chart-bundler/repos.yaml b/hack/addons/helm-chart-bundler/repos.yaml
index 8f3be731f..6f11ba5ab 100644
--- a/hack/addons/helm-chart-bundler/repos.yaml
+++ b/hack/addons/helm-chart-bundler/repos.yaml
@@ -45,7 +45,7 @@ repositories:
     repoURL: https://nutanix.github.io/helm/
     charts:
       nutanix-cloud-provider:
-      - 0.4.1
+      - 0.5.0
   nutanix-csi-storage:
     repoURL: https://nutanix.github.io/helm-releases/
     charts:
diff --git a/make/addons.mk b/make/addons.mk
index 6bca48beb..9cb54ae22 100644
--- a/make/addons.mk
+++ b/make/addons.mk
@@ -19,7 +19,7 @@ export AWS_CCM_VERSION_129 := v1.29.6
 export AWS_CCM_VERSION_130 := v1.30.3
 export AWS_CCM_VERSION_131 := v1.31.0
 
-export NUTANIX_CCM_CHART_VERSION := 0.4.1
+export NUTANIX_CCM_CHART_VERSION := 0.5.0
 
 export KUBE_VIP_VERSION := v0.8.3