India Development News & Foreign Investment Opportunities

Azure wins 600-MW project

Solar plant to be commissioned 2020

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Solar plant to be commissioned 2020

 

Azre Power
Azre Power

 

Azure Power (NYSE: AZRE) has won a 600 megawatt (MW) solar power project through an auction conducted by Solar Energy Corporation of India (SECI), the largest solar auction in the country.

It is also the first Interstate Transmission System (ISTS) grid connected solar PV project auctioned by SECI.

Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of Rs.2.53 (~US 3.9cents) per kWh, approximately 4% higher than the lowest bid in the same auction.

The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.

The 600 MWs win, out of the total 2,000 MWs tendered in the auction, is the largest allocation of any solar auction in India.

Azure Power’s total portfolio is spread across 23 states with approximate 80% of its operating or committed projects with counterparties that have domestic debt ratings that are A or higher. fiinews.com

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