Azure Power, one of India’s leading independent solar power producers, has been awarded a 200 MW solar PV power project through an auction conducted by Gujarat Urja Vikas Nigam Limited (GUVNL).
With this win, the company now has a total solar portfolio of 470 MW in Gujarat, making it as the largest solar power supplier to the state.
Azure Power will sign a 25 year Power Purchase Agreement (PPA) with GUVNL, at a tariff of INR 3.06 ($0.047)/kWh, which is 25% higher than the lowest tariff of INR 2.44 (~US$ 0.037) recorded at Bhadla solar park in India.
The project will be developed outside a solar park and is expected to be commissioned in 2019.
The company is overwhelmed with the Gujarat State performance, and mentioned several advantages the state has including high levels of solar radiation, an extensive and stable electric grid network, and the strong credit quality of its distribution companies (DISCOMs).
Recently, the New Delhi-based solar energy firm has won 130 MW worth solar PV projects – 100 MW at Pavagada solar park in Karnataka and 30 MW solar rooftop projects with Indian railways across 12 states in India.
The company has also won 200 MW project in Bhadla Solar Park Phase-IV 250 MW Solar Energy Corporation of India’s (SECI) auction at a tariff rate of INR 2.48 ($0.0381)/kWh, rest 50 MW is grabbed by ReNew Power Ventures Pvt Ltd.