Bondada Engineering Limited has strengthened its renewable energy portfolio by acquiring a 60% equity stake in Onix IPP Private Limited, gaining a controlling interest in a 225 MW (AC) solar power project in Maharashtra.
The project is being developed under the PM-KUSUM Scheme (Component C) through the Mukhyamantri Saur Krushi Vahini Yojana 2.0 and is supported by a 25-year Power Purchase Agreement (PPA) with MSEDCL.
The acquisition is expected to provide Bondada Engineering with stable annuity-based revenues of approximately INR 150.48 crore annually, further strengthening its portfolio of recurring clean energy assets.
This strategic move highlights the company’s continued focus on expanding its presence across India’s renewable energy sector.
