In a significant development, Bhagyanagar India Limited has been awarded an exciting 65.7 MW Solar Power Project through a Letter of Award (LOA) from the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). This project is part of the PM KUSUM Component C2 scheme, a government initiative aimed at enhancing solar energy generation. The total investment for this project is ₹230 Crores, which speaks volumes about the scale and potential of the renewable energy sector in India.

The LOA covers a total of 11 solar power plants with various capacities, as outlined in the detailed annexure provided by Bhagyanagar India. These plants will be set up across Uttar Pradesh, contributing significantly to the state’s clean energy objectives. The project is expected to be completed within 12 months, with operation and maintenance spanning an impressive 25 years from the commissioning date.

The awarded contract includes subsidies and financial assistance under the Central Financial Assistance (CFA) and Viability Gap Funding (VGF) from both the Government of India and the Government of Uttar Pradesh. These subsidies amount to ₹1.05 Crore per MW from the central government and ₹0.50 Crore per MW from the state government. The power tariff for this project is set at ₹2.76 per kWh, which makes it a viable and competitive investment for all stakeholders involved.

Notably, the project will not involve any related party transactions, ensuring complete transparency in the awarding process. Furthermore, Bhagyanagar India’s management has confirmed that none of the promoter group or group companies have any financial interest in the entity that awarded the contract. This underscores the integrity and fairness of the entire project process, which adheres to all regulatory guidelines under SEBI (LODR) regulations.

The awarded Letter of Awards (LOAs) have been divided into several projects, ranging from 4.6 MW to 78 MW, totalling 65.7 MW in installed capacity. Bhagyanagar India is now set to leverage its expertise in renewable energy solutions to execute this ambitious solar power project within the stipulated timeline and budget. This marks a monumental achievement for the company as it takes on renewable energy ventures that will have a lasting impact on India's sustainable energy future.

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