Azure Power wins 300 MW project to surpass 3 GW portfolio

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Independent solar power producer Azure Power says its project portfolio surpassed the 3 GW milestone with its latest 300 MW project tender.

According to Azure Power – which marked the achievement with an upbeat press release – the latest project would be grid-connected through an interstate transmission system. The related power purchase agreement, which is still pending, would set a Rs2.64 ($0.039) tariff – a figure reportedly 8% higher than the lowest bid in Solar Energy Corporation of India (SECI) auction history. On July 4, ACME secured a 600 MW project at a Rs2.44 ($0.036) tariff.

Azure Power says the location of the project has not been fixed, as per the auction criteria, as the project can be developed anywhere in India alongside a solar park. According to the company announcement, commissioning of the project is expected in 2020.

Inderpreet Wadhwa, Founder, Chairman and CEO of Azure Power said: “We started with the vision of providing affordable solar power for generations and the mission to be the lowest-cost power producer in the world. Through our collective efforts and support from our stakeholders, we have achieved this important milestone of [exceeding] a 3 GW portfolio with large scale; mini and microgrid; and rooftop projects across the country. This achievement is a testament to our strong project development, engineering, and execution capabilities.”

The highest tariff negotiated in India was Rs3.54 per unit in an 860 MW auction across different talukas – administrative divisions – of Karnataka, a deal agreed by Karnataka Renewable Energy Development Ltd (KREDl), in February.

This year SECI offered solar tenders with a cumulative capacity of 2 GW that could be connected directly to the inter state transmission system and built anywhere in India.

Of the 2 GW of capacity available, ACME secured tenders for projects adding up to 600 MW. The successful bidders included Shapoorji Pallonji – with 250 MW secured for Rs2.52 per unit; Hero Solar and Mahindra, with 250 MW each at Rs2.53 per unit; and Mahoba Solar, with 50 MW at Rs2.54 per unit.

 

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