Bondada subsidiary gets 911 Cr loan from SBI for 225 MW solar project

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AI summary

Bondada Engineering's subsidiary Onix IPP has received a loan sanction of 911.25 crore from State Bank of India for a 225 MW Solar Independent Power Producer project. This includes 900 crore in term loan and 11.25 crore in non-fund-based facilities. The project has a 25-year Power Purchase Agreement with Maharashtra State Electricity Distribution Company, ensuring long-term revenue visibility. This marks a key milestone in the company's plan to expand its renewable energy IPP portfolio.

Likely market impact

Positive. Major funding milestone for subsidiary solar project; boosts long-term revenue visibility and renewable energy growth.