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.
Wendy is a co-founder of Mercom Capital Group, the parent company of Mercom India. Wendy is a contributing editor at MercomIndia.com and is responsible for content quality across the company and products. She has over 15 years of business and finance experience in the energy and technology markets. In addition to Mercom, Wendy has written for many other clean energy-focused blogs and publications. More articles from Wendy Prabhu.