Azure power wins 250 MW solar PV project at auction

Azure power, one of the largest power developer in India, has announced that it has won a 250 MW solar power project, accounting for 100% of the total allocated capacity at auction.

Azure Power will provide power to NVVN at a tariff of INR 3.14 (~$ 0.05)/kWh for 25 years and the solar PV project(s) can be located anywhere in India, which will be outside a solar park.

NTPC Vidyut Vyapar Nigam (NVVN), a 100%-owned subsidiary of the National Thermal Power Corporation (NTPC) has conducted the auction for the project.

With this win, the power developer will now be the largest providers of solar power to AAA-rated NTPC and its subsidiaries. CRISIL, a rating agency, has awarded NTPC an AAA debt rating.

In recent months it has won 580 MW of solar projects, and presently has a portfolio of over 1,600 MW across 23 states/union territories in India.