Crescentia Technology signs PPA for 65.7 MW solar project

Crescentia Technology Private Limited, the special purpose vehicle (SPV) of Bhagyanagar India Limited, has signed a 25-year power purchase agreement (PPA) with 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 project will be developed under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) program at various locations across Uttar Pradesh.

The firm had won 65 MW capacity from UPNEDA in February 2025, with a tariff of Rs 2.76 per kWh. The scope includes designing, constructing, and commissioning solar power plants, along with 25 years of operation and maintenance (O&M). The total project is estimated at Rs 2.3 billion and is expected to be completed within 12 months from receiving the Letter of Award (LoA).

Central Finance Assistance (CFA) of Rs 10.5 million per MW and viability gap funding (VGF) of Rs 5 million per MW will be provided by the Centre and the Government of Uttar Pradesh, respectively.