Bondada Engineering Acquires Majority Stake in Onix IPP for 225 MW Solar Project
Hyderabad, July 27 (TNT): Bondada Engineering Limited has acquired a 60 per cent controlling stake in Onix IPP Private Limited (OIPL), a Special Purpose Vehicle implementing a 225 MW (AC) Solar Photovoltaic Power Project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a flagship initiative under Component C of the PM-KUSUM Scheme in Maharashtra.
The acquisition marks a significant step in its strategy to expand beyond engineering, procurement and construction (EPC) services into renewable energy asset ownership and independent power production (IPP), creating long-term recurring revenue streams, the Hyderabad based company said in a release here on Monday.
The project has already secured a 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) and is expected to generate annual revenues of around Rs 150.48 crore.
The acquisition also gives Bondada Engineering a controlling interest in a key agricultural feeder solarisation project in Maharashtra, supporting India’s clean energy transition and reliable daytime power supply for the agricultural sector.
Commenting on the acquisition, Bondada Group Chairman and Managing Director Dr. Bondada Raghavendra Rao said the move represents a major milestone in the company’s transformation from an EPC player to a renewable energy asset owner with a diversified portfolio of long-term infrastructure assets.
He said the project strengthens the company’s IPP business while establishing a stable annuity-based revenue stream backed by a long-term PPA and reinforces its commitment to supporting India’s clean energy goals.
The company said the acquisition aligns with its long-term strategy of building a balanced renewable energy portfolio comprising both solar power assets and Battery Energy Storage Systems (BESS) to strengthen predictable cash flows and enhance business resilience.
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