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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.