Acquisitions27 Jul 2026, 01:47 pm
Bondada Engineering Acquires Majority Stake in Onix IPP for 225MW Solar Project
AI Summary
Bondada Engineering Limited (BEL) has acquired a majority equity stake in Onix IPP Private Limited (OIPL), a Special Purpose Vehicle (SPV) for a 225 MW (AC) solar power project in Maharashtra. This project is part of the PM-KUSUM scheme, specifically Mukhyamantri Saur Krushi Vahini Yojana 2.0. OIPL has a 25-year Power Purchase Agreement (PPA) with MSEDCL, projecting annual revenues of approximately INR 150.48 Crores. The acquisition aligns with BEL's strategy to build renewable energy assets and generate annuity-based revenues, complementing its existing Battery Energy Storage System (BESS) income. The deal involves a cash consideration for 60% of OIPL's paid-up equity.
Key Highlights
- Acquired majority stake in Onix IPP for 225 MW solar project in Maharashtra.
- Project under PM-KUSUM scheme with 25-year PPA from MSEDCL.
- Estimated annual revenue of INR 150.48 Crores from the solar project.
- Strengthens BEL's renewable energy asset ownership and annuity income.
- Acquisition cost is for 60% controlling interest in the SPV.
Price Impact
More from BONDADA