Bhageria Industries Completes Financial Tie-Up with EXIM Bank for $14 Million to Set Up 30 MW of Solar in Maharashtra

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

The financial tie-up 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 30 MW capacity was tendered under JNNSM Phase-II, Batch-III, Tranche-I. Bhageria Industries had 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.

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Source: Mercom Capital Group, llc
Date: Dec 22, 2016