Bondada Engineering (BEL) has acquired majority equity shareholding in Onix IPP (OIPL/SPV) there by entitling the company with controlling interest in a 225 MW (AC) solar power portfolio under a Government-backed agricultural feeder solarisation programme.
OIPL is the SPV formed for implementation of an aggregate 225 MW (AC) Solar Power Project as an IPP under Mukhyamantri Saur Krushi Vahini Yojana 2.0, under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV has power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL) for a period of 25 years with estimated annual revenue of approximately Rs 150.48 crore.
This acquisition is in line with Bondada Group’s strategic objective of establishing a presence in renewable energy asset ownership and creation, generating predictable annuity-based revenues. These revenues will complement the Group’s existing annuity income from Battery Energy Storage System (BESS) assets, further strengthening its portfolio of steady and recurring cash flows.
Bondada Engineering is engaged in the business of providing engineering, procurement and construction (EPC) services and operations and maintenance (O&M) services to its pan India customers operating in telecom and solar energy industry.
