Bondada Engineering Limited has expanded its presence in the renewable energy sector by acquiring a controlling stake in Onix IPP Private Limited, a special purpose vehicle established to develop a 225 MW (AC) solar power project in Maharashtra. The acquisition marks an important step in the company’s strategy to build a portfolio of renewable energy assets that can generate stable, long-term income.
As part of the transaction, Bondada Engineering acquired 60% of the paid-up equity share capital of Onix IPP Private Limited. The company purchased 6,000 equity shares with a face value of ₹10 each through a cash transaction. With this acquisition now completed, Bondada Engineering has secured a controlling interest in the company responsible for implementing the large-scale solar project.
The 225 MW solar photovoltaic project is being developed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, which is part of Component C of the Central Government’s PM-KUSUM Scheme. The scheme is designed to promote feeder-level agricultural solarisation across Maharashtra by increasing the use of clean energy in the agricultural sector. According to the company, the project has already received all the required approvals from government and regulatory authorities, allowing its development to move forward.
A major highlight of the project is its 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL), which will purchase the electricity generated by the plant. The long-term agreement is expected to provide a reliable source of income, with estimated annual revenue of around ₹150.48 crore throughout the operational life of the project.
Company officials said the acquisition supports Bondada Engineering’s long-term vision of becoming a significant owner and developer of renewable energy assets. By investing in projects that generate predictable and recurring revenue, the company aims to strengthen its financial position while reducing dependence on project-based earnings.
The company also noted that the expected annuity-based income from the solar project will complement the recurring cash flows generated by its Battery Energy Storage System (BESS) assets. This combination is expected to enhance the stability of its revenue stream and support future growth in the clean energy sector.
Bondada Engineering confirmed that the acquisition does not involve any related party transaction. The company stated that the deal has been successfully completed, further reinforcing its commitment to expanding its renewable energy portfolio and creating sustainable long-term value for its business and shareholders.
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