SBI Sanctions Rs 911.25 Crore Loan to Onix IPP

State Bank of India (SBI) has sanctioned ₹911.25 crore to Onix IPP Private Limited, a subsidiary of Bondada Engineering Limited, for financing a 225 MW solar Independent Power Producer (IPP) project.

₹900 Crore Term Loan

The total sanctioned facility of ₹911.25 crore includes ₹900 crore in term loan facilities and ₹11.25 crore in non-fund-based facilities. SBI will be the lending institution for the 225 MW solar project being developed by Onix IPP.

25-Year Power Purchase Agreement

The solar project is supported by a 25-year Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL).

Bondada Engineering said the SBI loan sanction is an important milestone in its plan to expand its presence in the renewable energy IPP segment. The company aims to build a portfolio of renewable energy assets that can generate long-term, stable revenue.

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