Azure Power, a major Indian independent power producer (IPP) announced today, the early commissioning of a 95 MW solar power plant in Gujarat. The company reports that the ground-mounted project had been finished five months ahead of scheduled PPA operation date.
The currently finished 95 MW project is the first phase of a larger 260 MW allocation by Gujarat Urja Vikas Nigam Ltd. to Azure Power. The company has entered into a 25-year power purchase agreement with Gujarat Urja Vikas Nigam Ltd. at a tariff of INR 2.67 per kilowatt hour.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “With the early commissioning of this plant we have set a new record for the company on delivering projects ahead of schedule, once again demonstrating our strong project development, engineering, and execution capabilities. We are pleased to start selling lowest cost solar power in the state of Gujarat, approximately 23% cheaper than the recent average pooling price of power in the state.”
The company cites its strong activity in the state, which had been going for over seven years. Thereby Gujarat provides excellent solar irradiation qualities, an extensive and stable electricity grid infrastructure that is capable of accommodating renewable energy resources, as well as strong credit qualities of its local stakeholders.
In other news pertaining the company said on 30 October, that it had raised more than $400 million (Rs2,947 crore) since the end of the first quarter of India’s financial year – on June 30th.
The largest source of the funding came from the company’s follow-on share offering, made around two years after its shares began trading on the New York Stock Exchange. That raised $185 million from investors, including a $100 million contribution from Canadian pension fund La Caisse de dépôt et placement du Québec, which upped its stake in the New Delhi-headquartered developer to 40% for a total investment of $240 million.
Azure also closed several financing deals for projects during the period, including around $58 million for a 100 MW project in Karnataka, and around $88 million for its 200 MW segment of the Bhadla Solar Park, in Rajasthan. Azure now holds a project portfolio in excess of 3 GW of solar PV generation capacity.