Investors backing strong for green energy
Azure Power (NYSE: AZRE) said its portfolio has surpassed 3-Gigawatt of green energy, reinforcing the company’s position as a leading independent solar power producer in India.
The company is backed by several marquee investors such as Caisse de dépôt et placement du Québec (CDPQ), International Finance Corporation (IFC), Helion Venture Partners, Société de Promotion et de Participation pour la Coopération Économique (PROPARCO), Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and Netherlands Development Finance Company (FMO).
This milestone was 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).
With this win, 87% 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.
The 300 MWs are an Interstate 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 Rs.2.64 (~US 3.9 cents) per kWh which was 8% 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.
Commenting on the occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “We have achieved this important milestone of crossing a 3 GW portfolio with large scale, mini/micro grid and rooftop projects across the country.
“This achievement is a testament to our strong project development, engineering, and execution capabilities.”
Azure Power was founded by Inderpreet Wadhwa in 2008 with a vision of providing affordable solar power in an efficient, sustainable and socially responsible manner. It’s 10-year journey began with India’s first private utility scale solar plant, a 2 MW plant in Awan Punjab. Today, it has a footprint across 23 states in India.fiinews.com
