Onix IPP, a subsidiary of Bondada Engineering (BEL), has secured ₹9.11 billion (~$94.96 million) in financing from the State Bank of India for a 225 MW solar power project in Maharashtra.

The approved funds include ₹9 billion (~$93.79 million) in term loan facilities and ₹112.5 million (~$1.17 million) in non-fund-based facilities.

The project is supported by a 25-year power purchase agreement with the Maharashtra State Electricity Distribution Company.

The solar project is expected to further strengthen Bondada Engineering’s renewable energy portfolio and enhance long term revenue visibility.

Earlier in July, Bondada Engineering acquired a 60% equity stake in Onix IPP, giving it a controlling interest in the 225 MW solar power project in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

Onix IPP is a special purpose vehicle formed to implement the solar power project as an independent power producer under the Mukhyamantri Saur Krushi Vahini Yojana, to implement feeder-level solarization of grid-connected agricultural pumps under Component C of the PM-KUSUM program.

Bondada acquired the majority stake in Onix by purchasing 6,000 shares at a face value of ₹10 (~$0.10) each.

In May this year, Bondada Engineering received multiple orders from Adani Green Energy and Adani Green Energy Six totaling ₹4.7 billion (~$48.9 million) for the balance-of-system package of a 250 MW solar power project in Khavda in Kutch, Gujarat.

Global solar companies raised $16.9 billion in corporate funding during the first half (1H) of 2026, a 56% year-over-year increase from $10.8 billion in 2025, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&A Report. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026.

Global venture capital funding declined 40% YoY to $1.5 billion in 1H 2026 from $2.5 billion. Despite the decline in funding value, the number of deals increased 9% YoY to 35 from 32.