Bondada Engineering buys 60% in 225 MW solar SPV
Acquires control of Onix IPP, which holds a 225 MW solar project under PM-KUSUM with a 25-year PPA from MSEDCL, securing an estimated annual revenue stream of ₹150.48 crore.
— 2 earlier stories on Bondada Engineering Ltd. →What's new
- Bondada Engineering acquired 60% controlling stake in Onix IPP, the SPV implementing a 225 MW solar project under PM-KUSUM.
- The project has a 25-year PPA with MSEDCL, providing long-term annuity revenue.
- Acquisition completed at negligible cash consideration, a capital-light entry into solar IPP.
Why this matters
This marks Bondada's shift from pure EPC to owning renewable assets, adding predictable cash flows. While the revenue impact is modest (~5.4% of FY26 revenue), it reduces cyclicality and complements its existing BESS annuity income. The low-cost entry limits downside.
What we're watching
- Whether Bondada acquires further IPP stakes to scale its annuity portfolio.
- Execution on the 225 MW project, as delays could affect PPA revenue.
- Impact on margins as the mix shifts from EPC to asset ownership.
The full read
Bondada Engineering has crossed from contractor to owner, acquiring a 60% controlling stake in Onix IPP, the SPV behind a 225 MW solar project in Maharashtra under the PM-KUSUM scheme. The project carries a 25-year PPA with MSEDCL, locking in an estimated ₹150.48 crore in annual revenue. For a company that reported ₹914 crore in its latest quarter, this is not a needle-mover financially, roughly 5.4% of FY26 revenue. But the strategic signal is bigger: Bondada is deliberately building a portfolio of annuity assets. It already owns grid-scale VRFB storage; this solar SPV adds a second long-duration PPA. The acquisition cost is negligible, making it a low-stakes option on a new business line. The question now is scale, whether this is a toehold or the first of many.
Questions answered
- What is the financial impact of this acquisition?
- It adds roughly ₹150.48 crore in annual revenue, about 5.4% of FY26 revenue, with minimal upfront cash outlay.
- Why is Bondada moving into solar IPP?
- To diversify from cyclical EPC contracts and build recurring annuity income, complementing its existing BESS assets.
- What is the status of the project?
- All regulatory approvals have been obtained and the transaction is complete. Implementation details have not been disclosed.
- How does this fit with Bondada's prior projects?
- It follows a ₹1,338 crore solar-plus-storage EPC order from NTPC and a grid-scale VRFB storage project, reinforcing a strategy toward renewable energy and storage.
Bondada Engineering Ltd.
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All notes on BONDADA →- 27 Jul 2026 · 1:50 PM IST Bondada Engineering buys 60% in 225 MW solar SPV
- 7d ago Bondada Engineering lands India's first grid-scale VRFB storage project
- 41d ago Bondada Engineering lands ₹1,338 cr solar-plus-storage order from NTPC unit