Bondada Group acquires 60% stake in 225 MW PM-KUSUM solar project in Maharashtra

Bondada Engineering Ltd has acquired a 60% controlling stake in Onix IPP Pvt Ltd, a special purpose vehicle (SPV) developing a 225 MW (AC) solar project under Component C of the PM-KUSUM Scheme in Maharashtra.

The project is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, Maharashtra’s feeder solarization program, which aims to provide reliable daytime electricity to agricultural consumers.

The acquisition marks Bondada Engineering’s strategic expansion into renewable energy asset ownership and independent power production (IPP), enabling the company to diversify beyond EPC execution into long-term infrastructure ownership with predictable recurring revenues.

The project has already secured a 25-year power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL). According to the company, the project is expected to generate annual revenue of approximately INR 150.48 crore.

“This acquisition is a significant step in Bondada Group’s evolution from an EPC player to a renewable energy asset owner with a diversified portfolio of long-term infrastructure assets,” said Bondada Raghavendra Rao, Chairman & Managing Director, Bondada Group. “The 225 MW solar project strengthens our independent power producer (IPP) business and establishes a stable annuity-based revenue stream backed by a long-term PPA.”

The acquisition aligns with the company’s long-term strategy of building a balanced renewable energy portfolio comprising both solar power assets and battery energy storage systems (BESS), thereby strengthening predictable cash flows and enhancing business resilience.