Bondada Engineering Acquires 60 Per Cent Stake in 225 MW PM-KUSUM Project

31 Jul 2026 CW Team

The project is backed by a 25 year power purchase agreement with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). The company indicated the project is expected to generate annual revenue of approximately Rs 1.5048 bn. The long term PPA underpins predictable recurring revenues for the asset.

Bondada Engineering's move signals a strategic expansion beyond engineering, procurement and construction into long term infrastructure ownership to build an annuity style income stream. Management described the acquisition as aligning with a wider plan to develop a balanced renewable portfolio that includes both solar assets and battery energy storage systems (BESS). The shift is intended to strengthen cash flow predictability and business resilience.

The PM-KUSUM programme and the state feeder solarisation initiative aim to enhance energy access for agriculture and facilitate distributed generation. By taking a controlling stake in the Onix IPP project, Bondada integrates generation capacity with long term offtake arrangements, positioning the group to participate in utility scale renewable generation. The company will now operate as an independent power producer while continuing its existing EPC operations.

Company officials said ownership of operational generation capacity will allow Bondada to capture lifecycle value beyond project construction and to benefit from annuity style cash flows over the 25 year PPA period. The integration of battery energy storage systems can support grid stability and optimise dispatch of solar output, reinforcing the business case for the asset purchase. Acquiring a controlling stake in an operating SPV offers a means to simplify project management while preserving continuity of existing contracts and obligations.

Bondada Engineering Ltd has acquired a 60 per cent controlling stake in Onix IPP Pvt Ltd (Onix IPP), a special purpose vehicle developing a 225 megawatt (MW) solar project under Component C of the PM-KUSUM scheme in Maharashtra. The project is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, the state feeder solarisation programme that aims to supply reliable daytime electricity to agricultural consumers. The deal marks Bondada Engineering's entry into renewable energy asset ownership and independent power production. The project is backed by a 25 year power purchase agreement with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). The company indicated the project is expected to generate annual revenue of approximately Rs 1.5048 bn. The long term PPA underpins predictable recurring revenues for the asset. Bondada Engineering's move signals a strategic expansion beyond engineering, procurement and construction into long term infrastructure ownership to build an annuity style income stream. Management described the acquisition as aligning with a wider plan to develop a balanced renewable portfolio that includes both solar assets and battery energy storage systems (BESS). The shift is intended to strengthen cash flow predictability and business resilience. The PM-KUSUM programme and the state feeder solarisation initiative aim to enhance energy access for agriculture and facilitate distributed generation. By taking a controlling stake in the Onix IPP project, Bondada integrates generation capacity with long term offtake arrangements, positioning the group to participate in utility scale renewable generation. The company will now operate as an independent power producer while continuing its existing EPC operations. Company officials said ownership of operational generation capacity will allow Bondada to capture lifecycle value beyond project construction and to benefit from annuity style cash flows over the 25 year PPA period. The integration of battery energy storage systems can support grid stability and optimise dispatch of solar output, reinforcing the business case for the asset purchase. Acquiring a controlling stake in an operating SPV offers a means to simplify project management while preserving continuity of existing contracts and obligations.

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