Author: PPD Team Date: 10/02/2025
Bhagyanagar India Limited has received Letters of Award (LoAs) from the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) for setting up 65.7 MW of grid-connected solar power plants under the Renewable Energy Service Company (RESCO) model.
The projects fall under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program, with a quoted tariff of Rs 2.76 per kWh.
UPNEDA had initially invited bids for 3,205 MW of grid-connected solar projects in July 2024, later revising the capacity to 2,553.5 MW.
The project scope includes design, engineering, supply, construction, erection, testing, and commissioning of grid-connected solar power plants, along with the construction of bays and switchgear at substations. It also involves comprehensive operation and maintenance (O&M) for 25 years for the solarization of agriculture feeders at distribution substations.
Uttar Pradesh Power Corporation Limited (UPPCL) will sign a 25-year power purchase agreement (PPA) with Bhagyanagar India. The Centre will provide a Central Finance Assistance (CFA) of Rs 10.5 million per MW, while the Government of Uttar Pradesh (GoUP) will offer viability gap funding (VGF) of Rs 5 million per MW.
The projects, with an estimated cost of Rs 2.3 billion, are expected to be completed within 12 months from the date of receiving the LoA.