Bondada Engineering Limited has acquired a 60% controlling stake in Onix IPP Private Limited, a special purpose vehicle developing a 225 MW AC solar photovoltaic power project in Maharashtra.

The project is being implemented under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, an initiative under Component C of the PM-KUSUM Scheme.

The acquisition supports Bondada Engineering’s expansion from renewable energy engineering, procurement and construction services into independent power production and long-term infrastructure asset ownership.

The solar project has secured a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited. It is expected to generate annual revenue of approximately Rs 1,504.8 million.

The project forms part of Maharashtra’s agricultural feeder solarisation programme, which aims to provide reliable daytime electricity to agricultural consumers while supporting India’s renewable energy transition.

Dr Bondada Raghavendra Rao, Chairman and Managing Director, Bondada Group, said the acquisition strengthens the company’s independent power producer business and creates a stable, annuity-based revenue stream supported by the long-term agreement.

He added that the company would continue expanding its renewable energy portfolio while supporting India’s clean energy targets and generating sustainable value for stakeholders.

The acquisition aligns with Bondada Engineering’s strategy of developing a balanced portfolio comprising solar power assets and battery energy storage systems. The company expects the approach to strengthen predictable cash flows, diversify its revenue base and improve long-term business resilience.