Bondada acquires 60% in solar project SPV in Maharashtra
Bondada Engineering has acquired a 60% stake in Onix IPP, a special purpose vehicle managing a 225 MW solar project in Maharashtra. This move marks the company's expansion into renewable energy asset ownership to secure long-term annuity-based revenue.
Why it matters
The acquisition highlights the growing trend of engineering firms diversifying into renewable energy infrastructure to ensure financial stability through government-backed power purchase agreements.
Bondada Engineering has acquired 60% stake in Onix IPP (OIPL), a special purpose vehicle implementing a 225 MW (AC) solar photovoltaic power project in Maharashtra under a government scheme.
The acquisition aligns with Bondada Group’s plans to diversify beyond EPC (engineering, procurement and construction) execution into renewable energy asset ownership and creation thus generating predictable annuity-based revenues and complementing its annuity income from Battery Energy Storage System (BESS) assets.
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