Bondada Engineering Limited subsidiary Onix IPP Private Limited has received a ₹911.25 crore sanction from State Bank of India (SBI) to finance a 225 MW Solar Independent Power Producer (IPP) project.

The financing supports the development of the renewable energy asset, which is underpinned by a long-term Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL). This agreement provides revenue visibility over the project's tenure.

Sanction structure and project details

The sanctioned facility is structured to support both capital expenditure and operational needs of the 225 MW plant. The breakdown of the ₹911.25 crore sanction is as follows:

Strategic implications for Bondada Engineering

This sanction marks a significant step in Bondada Engineering's strategy to expand its presence in the Renewable Energy IPP segment. The company aims to build a portfolio of long-term, annuity-based renewable energy assets, moving beyond traditional Engineering, Procurement, and Construction (EPC) roles.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company continues to focus on expanding its renewable energy platform through a combination of EPC, Operations and Maintenance (O&M), Battery Energy Storage Systems (BESS), and IPP opportunities.

What the numbers show

The composition of the debt facility reveals a heavy reliance on term loans for capital-intensive infrastructure. With ₹900 crore in term loans constituting approximately 98.8% of the total sanction, the structure prioritizes long-term asset creation over short-term liquidity buffers. The inclusion of a 25-year PPA with MSEDCL is critical here, as it aligns the long-term debt tenure with the guaranteed revenue stream, mitigating refinancing risk during the initial operational years.

Bondada Engineering Limited commissioned 221.7 MWp of solar power projects during Q2FY27, expanding its cumulative executed capacity to approximately 1.7 GWp.

The newly commissioned projects were delivered to major clients including Adani, MAHAGENCO, KP Group, and Paradigm IT. These installations are located across multiple sites in Maharashtra and Gujarat, reinforcing the company's footprint in key renewable energy markets.

Execution and Client Portfolio

The company highlighted that the successful commissioning reflects its strong execution capabilities and technical expertise in the renewable energy EPC segment. The projects were completed through robust engineering practices and efficient project management, ensuring adherence to quality and safety standards.

Strategic Positioning

This operational milestone underscores Bondada Engineering's position as a trusted EPC partner for large-scale solar projects. The company stated that it remains committed to expanding its renewable energy portfolio through operational excellence and disciplined capital allocation.

The filing was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting the company's contribution to India's renewable energy transition. The company did not disclose specific revenue figures or order book updates in this operational update.