Bhagyanagar India has received a letter of award (LOA) worth Rs 245 crore from the Maharashtra State Electricity Distribution Company (MSEDCL) for the development of a 53 MW (AC) solar power project.

In its regulatory filing, the company said that the scheme allocates a total capacity of 53 megawatts (MW) for solar power generation (SPG) under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.

The project, to be developed in Maharashtra, will include an operation and maintenance period of 25 years. The tariff is fixed at Rs 3.09 per kWh, with the government providing a subsidy of Rs 1.05 crore per MW. This initiative, launched by MSEDCL, aims to implement feeder-level solarization under Component C of the PM-KUSUM Scheme.

The aggregate order size is 53 MW (AC), with an estimated project cost of Rs 245 crore, and it is to be executed within 18 months from the LoA.
The company reported a 44.6% increase in consolidated net profit to Rs 3.99 crore on a 17.9% rise in net sales to Rs 394.48 crore in Q3 FY25 over Q3 FY24.