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Bondada secures US$119.3 million EPC order for 270MW solar PV project in Maharashtra

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Bondada secures US$119.3 million EPC order for 270MW solar PV project in Maharashtra

Under the contract, Bondada will undertake the EPC development of the project, which is scheduled to be completed within six months from the date of receipt of the order.

According to the EPC, the order represents a significant addition to its renewable energy portfolio and strengthens its capabilities in large-scale solar EPC execution.

The company has been targeting opportunities across solar EPC, renewable energy, battery energy storage systems (BESS) and other emerging infrastructure segments, with a focus on project diversification and expanding its execution capabilities.

This year, Bondada secured multiple large-scale renewable energy contracts, including an INR 13.38 billion (US$141 million) EPC contract from NTPC Renewable Energy for a 250MW solar PV project paired with a 50MW/200MWh BESS in Uttar Pradesh, and an INR 8.16 billion (US$85 million) contract from NTPC Green Energy for balance-of-system works on a 600MW solar PV project in Rajasthan.

In other news, Bondada’s independent power producer (IPP) subsidiary Onix IPP has secured INR 9.11 billion (US$ 94.1 million) in financing from the State Bank of India (SBI) for a 225MW solar project in Maharashtra.

The sanctioned facility comprises an INR 9 billion term loan and INR 112.5 million in non-fund-based facilities, according to a regulatory filing by Bondada.

The project is being developed by Onix IPP and is backed by a 25-year power purchase agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).

Bondada said the financing will support its expansion into the renewable energy IPP segment and the development of a portfolio of long-term renewable energy assets.


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