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Bondada Engineering Strengthens Renewable Energy Portfolio with Majority Stake in 225 MW PM-KUSUM Solar Project SPV

Bondada Engineering Limited has expanded its presence in India's renewable energy sector by acquiring a 60 percent equity stake in Onix IPP (OIPL), a special purpose vehicle (SPV) developing a 225 MW (AC) solar photovoltaic project in Maharashtra. The project is being implemented under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0, which forms part of Component C of the PM-KUSUM Scheme, and is backed by a 25-year Power Purchase Agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The acquisition marks a strategic step for Bondada Engineering as it diversifies from engineering and infrastructure services into long-term renewable energy asset ownership. By securing a controlling stake in the project SPV, the company aims to build a portfolio of operational clean energy assets capable of generating stable, recurring revenues over the long term. The transaction has been completed through a cash purchase of 6,000 equity shares, representing 60 percent of OIPL's paid-up equity capital, with all statutory and regulatory approvals already in place.

According to the company, the solar project is expected to generate annual revenue of approximately Rs 150.48 crore, providing a predictable income stream throughout the 25-year PPA period. Bondada stated that the investment aligns with its strategy of creating annuity-based businesses that complement its existing portfolio, including Battery Energy Storage System (BESS) assets, thereby strengthening long-term cash flow visibility and reducing dependence on project-based revenues.

The Mukhyamantri Saur Krushi Vahini Yojana 2.0 is Maharashtra's flagship feeder solarisation programme aimed at supplying daytime electricity to agricultural consumers through decentralised solar power plants connected to dedicated agricultural feeders. The initiative supports the broader objectives of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), which seeks to improve farmers' access to reliable daytime power, reduce dependence on conventional electricity sources and diesel-powered irrigation, and lower subsidy burdens on state distribution companies.

Under PM-KUSUM Component C, existing agricultural feeders are solarised by developing decentralised grid-connected solar plants near load centres. This approach reduces transmission losses, improves grid reliability and enables discoms to procure clean electricity closer to demand. Maharashtra has emerged as one of the leading states in implementing feeder-level solarisation, with multiple projects awarded to private developers to accelerate renewable energy deployment in the agricultural sector.

The acquisition also reflects the growing trend among engineering and infrastructure companies to invest in renewable energy assets that provide long-term contracted revenues. As India pursues its target of 500 GW of non-fossil fuel-based installed power capacity by 2030, government-supported programmes such as PM-KUSUM continue to create significant opportunities for private investment in decentralised solar generation, rural energy infrastructure and sustainable agricultural electrification. By expanding its renewable energy portfolio through strategic acquisitions, Bondada Engineering is positioning itself to benefit from India's accelerating clean energy transition while building a diversified base of stable, long-duration revenue-generating assets.