Bondada Engineering Targets Recurring Income with 60 Percent Stake in Maharashtra Solar
The acquisition of Onix IPP provides Bondada Engineering with a controlling interest in a 225 MW solar project. This move shifts the firm toward asset ownership, securing a 25-year revenue stream from the Maharashtra energy grid.
Strategic Entry into Solar Asset Ownership
Bondada Engineering has finalized the acquisition of a 60 percent stake in Onix IPP (OIPL), a special purpose vehicle tasked with developing a 225 MW (AC) solar photovoltaic installation in Maharashtra. This transaction signals a shift in corporate strategy, as the Bondada Group moves beyond its traditional role in engineering, procurement, and construction (EPC) to become an owner of renewable energy infrastructure. The decision mirrors the company's existing focus on generating predictable, annuity-based income, similar to its current operations in Battery Energy Storage System (BESS) assets.
Project Framework and Long-term Revenue
OIPL serves as the Independent Power Producer (IPP) for this initiative, which falls under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. This state-level program operates as part of Component C of the federal PM-KUSUM Scheme, specifically designed for the solarisation of agricultural feeders across Maharashtra. Detailed financial projections for the venture include:
- A 25-year Power Purchase Agreement (PPA) signed with the Maharashtra State Electricity Distribution Company (MSEDCL).
- Expected annual revenue contributions of approximately ₹150.48 crore.
- Management control over a critical piece of the state's rural energy infrastructure.
By securing a majority position in this SPV, Bondada Engineering gains a foothold in the sovereign-backed renewable energy sector. The move provides a hedge against the cyclical nature of construction contracts by locking in stable cash flows for over two decades. The deal was officially publicized on July 27, 2026.
Source: The Hindu — Business
