Azure Power stated that the project is the first phase of the 200MW allocated to the company by Solar Energy Corporation of India (SECI), a Government of India enterprise. As per the allocation, Azure Power will supply power to SECI at a tariff of INR2.48 ($0.36) per kWh for the next 25 years.
With this project, Azure Power now has 1.6GW of operational solar assets across the country. It is claimed that the company’s portfolio is the highest rated large-scale solar operating portfolio in the country with 68% of its portfolio with A to AAA domestic rated counterparties.
Azure Power’s portfolio is spread across high radiation zones in 24 states and includes a solar rooftop portfolio of more than 200MW.
Azure Power founder, chairman and CEO Inderpreet Wadhwa said: “With this commissioning, we have one of the highest rated and diverse solar portfolios in India. This is a direct result of our strong project development, engineering, and execution capabilities.
“We are 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.”
In March, Azure Power announced it had commissioned a cumulative capacity of over 500MW since last fiscal year, bringing the company’s total operational portfolio to over 1,400MW, one of the largest solar portfolios in India.
Last October, the company had won a 300MW Interstate Transmission System (ISTS) grid connected solar PV project in an auction conducted by National Thermal Power Corporation (NTPC).
The company agreed to supply power to NTPC at a tariff of INR2.59 ($0.36) per kWh for 25 years from the date of the project’s commissioning. The solar project could be located anywhere in the country and it is expected to come online by 2021.
