According to reports, Bhagyanagar India Ltd has commissioned a 5 MW solar power photovoltaic plant at Munipally in Medak district of Andhra Pradesh, taking its installed solar power generation capacity up to 10 MW.
“This unit has been set up with an investment of Rs 29 crore. We have tied up supply of power to third parties at Rs 6 a unit with Global Energy Power Trade. In addition, we plan to make use of renewable purchase obligation,” Narendra Surana, Managing Director of Bhagyanagar India, told Business Line.
With the commissioning of this 5 MW unit, implemented by Surana Ventures, a group company, the total installed capacity of the company’s solar power plants has gone up to 10 MW. The first 5 MW power project was commissioned in Gujarat.
The company is setting up two more solar power plants of 5 MW capacity each in the State.
The first one will be commissioned in Medak district before February. The second project of 5 MW relates to the Andhra Pradesh Government’s offer for developers to set up solar power plants in the State. This project will come up at Vikarabad with an investment outlay of Rs 30 crore. The AP Transco, which is the nodal agency for the project implementation, is offering Rs 6.49 per unit.
“In a full year of operation, a 5 MW solar PV unit generate revenues of about Rs 6-7 crore. The tariff offer of Rs 6 a unit is less. But given the current circumstances, we preferred to go ahead and sign up for supply. The ideal price is about Rs 7 per unit,” he said.