Bhagyanagar India Limited has informed the Exchange about General Updates
BHAGYANGR · price
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Bhagyanagar India Limited's subsidiary Crescentia Technology Private Limited has signed a 25-year Power Purchase Agreement (PPA) with Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA), a Government of Uttar Pradesh undertaking. The PPA covers 65.7 MW of grid-connected solar power plants to be set up under the PM KUSUM Component C2 (feeder level solarization) scheme in RESCO mode. This follows 11 Letters of Award received earlier in February and March 2025, envisaging a total investment of around Rs. 230 Crores. The company had acquired Crescentia Technology as a Special Purpose Vehicle (SPV) specifically to execute this project. With the PPA now signed, the project moves from award stage to formal execution.
This is a positive development that converts earlier Letters of Award into a binding 25-year revenue-generating agreement, providing long-term revenue visibility. The Rs. 230 Crore solar project from a government undertaking strengthens the order book and is likely a material order relative to the company's size, though execution risks and capital deployment remain key watchpoints.