Onix IPP Private Limited, a subsidiary of Bondada Engineering Limited, has secured a debt sanction of Rs 9.11 billion from the State Bank of India (SBI) for financing a 225 MW solar independent power producer (IPP) project. The approved funding includes Rs 9 billion in term loans and Rs 112.5 million in non-fund-based facilities.
The project is backed by a 25-year power purchase agreement with Maharashtra State Electricity Distribution Company Limited. Furthermore, it will be developed by Onix IPP, with SBI serving as the lending institution.
Earlier, in October 2026, Bondada Engineering Limited secured an engineering, procurement and construction order for developing a 270 MWp ground-mounted solar project in Maharashtra. The project will be developed across various locations in the state. The total order value amounts to Rs 11.539 billion, including taxes.
