+
Bondada acquires 60% stake in 225 MW solar SPV
POWER & RENEWABLE ENERGY

Bondada acquires 60% stake in 225 MW solar SPV

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

Bevel Gears India Opens Aerospace Gear Plant Near Bengaluru

Bevel Gears India (BGI) has inaugurated a 70,000 sq ft manufacturing facility near Kempegowda International Airport in Bengaluru, dedicated exclusively to aerospace and defence gearing.The facility has been developed to manufacture flight-critical gearing with dedicated production, inspection and quality infrastructure. It will produce spiral and straight bevel gears, zerol and angular bevels, beveloids, hypoid and high-ratio hypoid gears, curvic couplings and precision parallel-axis gearing.The plant will cater to aero-engine, helicopter, UAV, actuation and aerospace gearbox programmes, suppo..

Next Story
Infrastructure Urban

Tata Hitachi Opens New Warehouse at Kharagpur Plant

Tata Hitachi Construction Machinery Company has inaugurated a new warehouse at its Kharagpur manufacturing facility in West Bengal to strengthen its supply chain and improve customer support across India.The facility was inaugurated by Sandeep Singh, Managing Director, Tata Hitachi, in the presence of Hiroshi Hosokawa, President – Spare Parts & Service Business Unit and Executive Officer, along with the company’s senior leadership and employees.The new warehouse is designed to enhance warehousing and inventory management capabilities, enabling more efficient handling and availability o..

Next Story
Infrastructure Urban

Vishnu Chemicals, DCX Chrome Form JV for Chromium Plant

Vishnu Chemicals Limited (VCL) has entered into a definitive joint venture agreement with France-based DCX Chrome SAS to establish a greenfield high-purity chromium metal manufacturing facility in Visakhapatnam, Andhra Pradesh.The two companies will hold equal 50% stakes in the proposed venture. The facility will have an installed capacity of 6,000 metric tonnes per annum and will manufacture high-purity chromium metal for applications across the aerospace, defence, energy, oil and gas, and chemical processing sectors.Under the partnership, DCX Chrome will provide its proprietary aluminothermi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code