RSTL and Onix form JV for decentralised solar in Maharashtra

Rama Steel Tubes Ltd (RSTL) has entered a joint venture with Onix Renewable Ltd to establish 225 MW decentralised solar power projects across Maharashtra under the “Mukhyamantri Saur Krishi Vahini Yojana (MSKVY) 2.0”.

The new entity, Onix IPP, will execute the projects. Onix holds a 90 percent stake in the JV, while RSTL owns 10 percent.

Onix Renewable received a Letter of Award (LoA) in September 2024 to develop the projects at a tariff of Rs 3.04 per kWh. The scope includes development, design, EPC, commissioning, and O&M services for solarising agricultural feeders under Component C of the PM-KUSUM scheme.

This initiative aligns with the Maharashtra government’s plan to solarise 30 percent of agriculture feeders by 2026 by adding 16,000 MW of decentralised solar capacity.