PM-KUSUM: Bhagyanagar Wins 65.7 MW UP Solar Projects

Hyderabad-based clean tech company Bhagyanagar India Ltd said it has been awarded eleven Letters of Award (LoAs) for a total solar power generation capacity of 65.7 megawatts under the RESCO model in Uttar Pradesh.

In a regulatory filing, the Hyderabad-based firm said the project was awarded by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) under the feeder-level solarisation initiative of Component C2 of the PM-KUSUM scheme. The company plans to invest ₹230 crore in the project. Component C2 of the PM-KUSUM Scheme is a sub-component of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme, launched by the Government of India to promote solar energy in the agriculture sector.

Under the component C2 of the scheme, the Ministry of New and Renewable Energy (MNRE), instead of solarising each pump individually, uses this component targeting entire 11 kV feeders that serve agricultural consumers. This allows the connected farmers to use solar power during the day while still being connected to the grid.

Acquiring SPV to drive growth 

Bhagyanagar also said it has acquired Crescentia Technology Pvt Ltd, a special purpose vehicle, to implement the project. Crescentia has signed a 25-year power purchase agreement with UPNEDA for the same, the company said.

The initiative is part of the Uttar Pradesh government’s push to expand solar capacity and become a Green Energy State.

Under Component C2 of PM-KUSUM, farmers and landowners can lease unused or barren land for setting up grid-connected solar power plants. UPNEDA has launched a dedicated online portal to facilitate land and project developer registrations. DISCOMs in the state have identified substations with agricultural consumers to implement projects under the scheme.