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

Type: Acquisition · Technology: Solar · Country: India · Capacity: 225 MW · Announced: 2026-07-27

Bondada Engineering Ltd has acquired a 60% controlling stake in Onix IPP Pvt Ltd, which is developing a 225 MW (AC) solar project under Component C of the PM-KUSUM Scheme in Maharashtra. This acquisition marks Bondada Engineering’s strategic expansion into renewable energy asset ownership and independent power production (IPP), diversifying its business beyond EPC execution. The project is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, Maharashtra’s feeder solarization program, aiming to provide reliable daytime electricity to agricultural consumers. The project has already secured a 25-year power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Co. Ltd (MSEDCL), and is expected to generate annual revenue of approximately INR 150.48 crore. This move aligns with Bondada Group's long-term strategy of building a balanced renewable energy portfolio, including solar power assets and battery energy storage systems (BESS).

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