Bondada Engineering Acquires Majority Stake in SPV for 225 MW Solar Project under PM-KUSUM Scheme
Bondada Engineering Limited (BEL) has acquired a majority equity stake in Onix IPP Private Limited (OIPL), a Special Purpose Vehicle (SPV). The acquisition grants BEL controlling interest in a 225 MW solar power portfolio, which is being developed as an Independent Power Producer (IPP) under the PM-KUSUM Scheme in Maharashtra.The investment aligns with Bondada Group’s strategic goal of developing and owning renewable energy assets to generate predictable annuity-based revenues. These income streams are intended to complement the Group's existing revenue from Battery Energy Storage System (BESS) assets, thereby reinforcing its portfolio of steady and recurring cash flows.
OIPL is specifically established for the implementation of a 225 MW AC Solar Power Project under Mukhyamantri Saur Krushi Vahini Yojana 2.0, which falls under Component C of the PM-KUSUM Scheme in Maharashtra. The SPV has secured a power purchase agreement (PPA) with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period spanning 25 years. This project is estimated to generate annual revenue of approximately INR 150.48 Crs.
The acquisition involves obtaining control over 60% of OIPL's paid-up equity share capital, with the consideration being paid in cash.
Key details regarding the strategic acquisition and the underlying project are summarized below:
| Particulars | Details |
|---|---|
| Target Entity Name | Onix IPP Private Limited (OIPL) |
| Industry Sector | Renewable Energy |
| Project Capacity | 225 MW (AC) Solar Photovoltaic Power Project |
| Government Scheme | PM-KUSUM Scheme (Component C) |
| Offtake Authority | Maharashtra State Electricity Distribution Company Limited (MSEDCL) |
| Shareholding Acquired by BEL | 60% of the paid-up equity share capital |
| Nature of Consideration | Cash consideration |
Stock Price Movement
Bondada Engineering Ltd is edging higher as of 13:46, with shares trading at ₹308.30 after ticking up 0.64%. The equity has moved within a considerable intraday range today, setting a low of ₹304.50 and testing an intraday high of ₹312.50.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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