In a significant development, Azure Power’s portfolio has surpassed 3 GWs landmark—reinforcing the company’s position as a leading independent solar power producer in India. This milestone has been achieved with the company’s recent win of a 300 megawatt (MW) solar power project in the largest solar auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise.
With this win, 87 percent of Azure Power’s 2.2 GW contracted pipeline is with counterparties that have A to AAA domestic debt ratings. Over 1 GW of the pipeline is with sovereign counterparties.
Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “We started with the vision of providing affordable solar power for generations and the mission to be the lowest cost power producer in the world. Through our collective efforts and support from our stakeholders, we have achieved this important milestone of crossing a 3 GW portfolio with large-scale, mini/microgrid and rooftop projects across the country. This achievement is a testament to our strong project development, engineering, and execution capabilities. We’re delighted to make this contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
The 300 MWs are an Inter-State Transmission System (ISTS) grid-connected solar PV project. Azure Power will sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.64 per kWh which was 8 percent above the lowest bid in the auction. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.
- Azure Power wins 300 MWs with AA+ domestic debt rated government entity (SECI) at a tariff 8 percent above the lowest bid in the auction
- 87 percent of the 2.2 GW contracted pipeline are with counterparties that have A to AAA domestic debt ratings
- Over 1 GWs of the contracted pipeline are with sovereign counterparties
- line are with sovereign counterparties