Bondada Engineering has acquired 60% stake in Onix IPP (OIPL), a special purpose vehicle implementing a 225 MW (AC) solar photovoltaic power project in Maharashtra under a government scheme.

The acquisition aligns with Bondada Group’s plans to diversify beyond EPC (engineering, procurement and construction) execution into renewable energy asset ownership and creation thus generating predictable annuity-based revenues and complementing its annuity income from Battery Energy Storage System (BESS) assets.

The stake provides the company a controlling interest in one of Maharashtra’s key agricultural feeder solarisation projects. OIPL has been established for implementation of the 225 MW project as an IPP under Mukhyamantri Saur Krushi Vahini Yojana 2.0, under Component C of the PM-KUSUM Scheme in Maharashtra. It has a power purchase agreement with Maharashtra State Electricity Distribution Company (MSEDCL) for a period of 25 years with estimated annual revenue of around ₹150.48 crore, Bondada said.

Published - July 27, 2026 11:07 pm IST