Bondada Engineering acquires 60% stake in 225 MW Maharashtra solar SPV
Bondada Engineering Limited has acquired a 60% controlling stake in Onix IPP Private Limited (OIPL), a special purpose vehicle (SPV) developing a 225 MW (AC) solar power portfolio in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
The acquisition marks Bondada Engineering’s move into renewable energy asset ownership, with the 225 MW portfolio backed by a 25-year Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project is estimated to generate annual revenue of approximately Rs 150.48 crore.
The solar portfolio is being developed under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) Scheme, a government-backed programme aimed at agricultural feeder solarisation.
Transaction
Bondada Engineering acquired 6,000 shares of OIPL at a face value of Rs 10 each for cash consideration, giving the company 60% of the SPV’s paid-up equity share capital and a controlling interest in the project.
The transaction has been completed, and the company confirmed that all required regulatory and governmental approvals have been obtained.
Bondada Engineering also confirmed that the acquisition is not a related party transaction.
Asset strategy
The company said the acquisition is aligned with its strategy of establishing a presence in renewable energy asset ownership and developing predictable, annuity-based revenue streams.
The 225 MW (AC) Solar Photovoltaic (PV) Power Project, supported by the 25-year MSEDCL PPA, is expected to provide recurring revenue over the operating period.
The solar portfolio will complement Bondada Engineering’s existing annuity income from Battery Energy Storage System (BESS) assets, expanding its portfolio of assets designed to generate steady and recurring cash flows.
The featured photograph is for representation only.
