Bondada Engineering Ltd Secures Term Loan Sanction from Canara Bank for Battery Energy Storage System Project

Bondada Engineering Ltd has received sanction of credit facilities from Canara Bank to cover debt portion of total project requirement towards its Battery Energy Storage System (BESS) project with TNGECL. This sanction marks the Company’s first large-scale, bank-funded term loan, representing a significant milestone in Bondada Engineering Limited’s strategic move towards an asset-ownership model with stable, long-term annuity-based revenue streams. The company is eligible for Viability Gap Funding (VGF) aggregating to INR 108 Crore under this project. The successful financial closure reflects strong lender confidence in the Company’s execution capabilities, project viability, and governance framework, and positions the Company to complete the project within the committed timelines. This development aligns with India’s national energy transition objectives, particularly the Government of India’s emphasis on energy storage solutions to support renewable energy integration and enhance grid stability. The substantial enhancement in VGF for BESS projects announced in the recent Union Budget further reinforces the sector’s long-term growth potential and policy support. Bondada Engineering Limited remains focused on scaling its renewable energy and energy storage portfolio through disciplined capital allocation, robust governance, and operational excellence, with a continued emphasis on delivering sustainable long-term value to all stakeholders.