Bhageria Industries, a manufacturer and supplier of dyes and intermediates, secured a Rs.950 million (~$14 million) loan with Export Import Bank of India (EXIM Bank). The funds will be utilized to set up 30 MW of large-scale grid-connected solar projects at Ahmednagar in the state of Maharashtra.

The deal was approved by Bhageria Industries’ Board of Directors at a meeting held at the company’s Registered office on December 20, 2016, stated a release by the company.

According to Mercom’s India Solar Project Tracker, the capacity was tendered under JNNSM Phase-II, Batch-III, Tranche-I. The solar developer won bids to set up three solar projects of 10 MW each at Ahmednagar by quoting a tariff of Rs.4.41 (~$0.065)/kWh at zero viability gap funding.

Image credit: CC BY-SA 3.0 Nick Youngson