Onix IPP, a subsidiary of Bondada Engineering, has received a sanction of Rs 911.25 crore from State Bank of India for financing a 225 MW Solar Independent Power Producer (IPP) Project.

The 225 MW Solar IPP Project is being developed by Onix IPP, with State Bank of India as the lending institution. The sanctioned facility comprises Rs 900 crore of term loan facilities and Rs 11.25 crore of non-fund-based facilities.

The project is supported by a 25-year Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company (MSEDCL), providing long-term revenue visibility and predictable cash flows over the project tenure.