Author: abhishek2019cs034abesit@gmail.com

Bondada Engineering Limited has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.

The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for Compliance Circular No. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.

Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.

The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.

The transaction involves the acquisition of a 60% stake in Onix IPP Private Limited, which owns a 225 MW (AC) solar power project developed under the PM-KUSUM Scheme (Component C). The project has a power offtake agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, strengthening the company’s presence in India’s renewable energy sector and expanding its portfolio of solar assets.

The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.

Bondada Engineering Limited has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.

The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for Compliance Circular No. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.

Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.

The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.

The transaction involves the acquisition of a 60% stake in Onix IPP Private Limited, which owns a 225 MW (AC) solar power project developed under the PM-KUSUM Scheme (Component C). The project has a power offtake agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, strengthening the company’s presence in India’s renewable energy sector and expanding its portfolio of solar assets.

The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.

Bondada Engineering Limited has acquired a 60% equity stake in Onix IPP Private Limited, thereby securing a controlling interest in a 225 MW (AC) solar power portfolio. This strategic move positions the company to generate predictable annuity-based revenues from a government-backed agricultural feeder solarisation programme in Maharashtra. The acquisition complements the group’s existing annuity income from Battery Energy Storage System (BESS) assets, strengthening its portfolio of steady and recurring cash flows.

The transaction was disclosed on July 27, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI master circular for Compliance Circular No. HO/49/14/14(7)-CFD-POD2/1/3762/2026 dated July 11, 2023. The company confirmed that all requisite regulatory and governmental approvals have been obtained, and the acquisition is completed.

Onix IPP Private Limited serves as the Special Purpose Vehicle (SPV) for the implementation of the solar power project under Mukhyamantri Saur Krushi Vahini Yojana 2.0. This initiative operates under Component C of the PM-KUSUM Scheme in the State of Maharashtra. The SPV holds a power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The agreement secures an estimated annual revenue of approx. INR 150.48 Crs.

The acquisition structure involved a cash consideration for 6000 shares at a face value of Rs.10 each. This transaction grants Bondada Engineering Limited 60% of the paid-up equity share capital of Onix IPP Private Limited, establishing it as the majority shareholder. The deal is not classified as a related party transaction.

The transaction involves the acquisition of a 60% stake in Onix IPP Private Limited, which owns a 225 MW (AC) solar power project developed under the PM-KUSUM Scheme (Component C). The project has a power offtake agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for a period of 25 years. The project is expected to generate an estimated annual revenue of approximately INR 150.48 crore, strengthening the company’s presence in India’s renewable energy sector and expanding its portfolio of solar assets.

The acquisition marks a significant step in Bondada Group’s objective to establish a presence in renewable energy asset ownership and creation. By integrating this 225 MW solar portfolio, the company diversifies its revenue streams beyond its core engineering operations. The long-term nature of the PPA with MSEDCL provides visibility into future cash flows, aligning with the group’s focus on stable, recurring income sources. This addition to the renewable energy IPP portfolio enhances the company’s balance sheet resilience through low-risk, government-backed assets.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.

SJVN Limited has issued a retender for the development of Battery Energy Storage System (BESS) projects under its Battery Energy Storage Purchase Agreement (BESPA) framework, aimed at strengthening India’s energy storage infrastructure and supporting grid flexibility.

The tender seeks participation from Battery Energy Storage System Developers (BESSDs) for setting up, owning, operating, and supplying battery storage capacity as per the provisions of the Request for Selection (RfS) documents and Letter of Award (LoA). The selected developers will be responsible for developing the projects on a Build-Own-Operate (BOO) basis.

The proposed BESS projects will include electrochemical battery technologies such as lithium-ion, lead-acid, solid-state batteries, and flow batteries, along with associated systems including Battery Energy Management Systems (BEMS), transmission facilities, switchyard equipment, and other supporting infrastructure required for efficient operation.

As per the tender documents, the selected projects will be eligible for Viability Gap Funding (VGF) support. Under Project-1, a 250 MW/500 MWh BESS capacity has been earmarked with VGF support of up to ₹18 lakh per MWh under the VGF scheme supported through the Power System Development Fund (PSDF). Another project category includes 15 MW/30 MWh BESS capacity, with VGF support available under the State Component of the VGF Scheme.

The BESS projects will play a key role in improving grid stability, enabling renewable energy integration, and supporting peak power management. The agreement framework specifies that the contracted storage capacity will be supplied to SJVN for onward sale to buying entities under the Battery Energy Storage Sale Agreement (BESSA).

Under the agreement, developers will be responsible for project development activities including land arrangements, obtaining necessary approvals and clearances, construction, commissioning, grid connectivity, and operation of the storage systems. Developers will also be required to maintain technical performance parameters, including minimum annual average availability of 95% and round-trip efficiency of 85% for the BESS system.

The selected developers will have an agreement tenure of 12 years from the effective date, with provisions for further extension subject to mutual agreement and regulatory approvals.

The initiative reflects SJVN’s efforts to accelerate large-scale energy storage deployment and support India’s transition towards a more reliable, renewable-powered electricity grid.