Indian solar producer Azure Power has reportedly announced that it has secured a 600 MW solar power project which was carried out in a total of 2,000 MW solar auction by SECI (Solar Energy Corporation of India). Through this project, Azure Power has marked its largest capacity win and the first project which is scheduled to be commissioned for its 2020 pipeline.
According to reports, the project is touted to be the largest solar auction in India and the very first ISTS (Interstate Transmission System) grid connected solar PV project that is being auctioned by the SECI. With the new contract, Azure Power’s total portfolio is projected to be spread across 23 states in the country with around 80% of its committed and operating projects with counterparties.
Inderpreet Wadhwa, founder, chairman and CEO, of Azure Power, reported in a statement that the company is very pleased to announce the biggest capacity win and with this contract, will continue to demonstrate its strong engineering, project development, and execution capabilities. He further exclaimed that the company’s long history of the superior solar power operations since the beginning of the National Solar Mission has contributed immensely to its success in procuring this contract.
The company is delighted to make this piece of contribution toward India’s Hon’ble Prime Minister’s commitment on clean & green energy through solar power generation and other renewable energy sources, says the founder of Azure Power.
According to the sources familiar with the matter, Azure Power is expected to ink a 25-year PPA (power purchase agreement) with the SECI to deliver power at a tariff rates of INR 2.53 per kWh (approx. US 3.9 cents), which is around 4% higher than the lowest bid claimed in the auction.
For those uninitiated, Azure Power, established in 2008 is engaged in the construction & development of solar projects of myriad sizes, ranging from microgrids to utility-scale.