Maharashtra solar project gets major boost as Bondada takes 60% stake

Bondada acquires 60% in solar project SPV in Maharashtra. (See the linked source for details.)

Source

The Hindu — Business →

Quick Revision

Prelims-testable facts

01A 60% stake in the Onix IPP Pvt Ltd has been acquired by Bondada Engineering.
02The solar project is located in Maharashtra and has a capacity of 225 MW (AC).
03Onix IPP Pvt Ltd is a special purpose vehicle (SPV) implementing the solar power project.
04Bondada Engineering has made its transition from an engineering, procurement, and construction (EPC) specialist to an independent power producer (IPP).
05The acquisition is related to the PM-KUSUM Scheme, specifically Component C of the scheme.
06No specific details are provided about the consideration or financial terms of the acquisition.
07Bondada Engineering's strategic shift is focused on building a long-term renewable energy platform.

Trap alerts

Most people think Bondada acquired the stake in Onix IPP Pvt Ltd under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, but actually it was related to the PM-KUSUM Scheme.
Most people think the solar project is a new development, but actually Bondada Engineering has transitioned from an EPC specialist to an independent power producer (IPP).
Most people think the acquisition is only about the financial terms, but actually it's also about building a long-term renewable energy platform.

Current-affairs link

The PM-KUSUM Scheme is a government initiative aimed at promoting solarisation of grid-connected agricultural pumps and facilitating farmers to set up their own solar power plants, under which this acquisition has been made.

Mains Practice Question

Discuss the implications of private sector investment in renewable energy projects, particularly solar power, in states like Maharashtra.

250 words

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Prelims Practice MCQs

Single facteasy

In which state is a solar project Special Purpose Vehicle (SPV) acquired by Bondada?

A.Gujarat
B.Maharashtra
C.Karnataka
D.Tamil Nadu

The acquisition is in a solar project SPV in Maharashtra, indicating Bondada's expansion into the state's renewable energy sector.

Multiple statementsmedium

Consider the following statements regarding Solar Project SPV Acquisition: 1. Bondada has acquired a majority stake in the solar project SPV. 2. The acquisition is located in Maharashtra, India. 3. Bondada has acquired 90% of the solar project SPV. How many of the above statements are correct?

A.Only one
B.Only two
C.All three
D.None

Statement-1 is correct because Bondada has acquired 60% in the solar project Special Purpose Vehicle (SPV) in Maharashtra. Statement-2 is correct as it directly states that the acquisition is located in Maharashtra. However, Statement-3 is incorrect as Bondada has only acquired 60%, not 90%.

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