NYSE-listed Azure Power has signed an agreement with the Solar Energy Corporation of India (SECI) to supply 2,333 MW of solar power. The capacity is part of an overall 4 GW secured by the developer under the Solar Energy Corporation of India’s manufacturing linked auction.
This follows the 600 MW power purchase agreement (PPA) signed last month under the same tender.
Projects under the PPA shall be interstate transmission systems connected. These shall be developed in Rajasthan, the Indian State with the highest solar insolation, and shall supply power for 25 years at a fixed tariff of INR 2.42 (US 3.3 cents) per kWh.
“Connectivity approval for these projects is already in place and land is fully identified and is under acquisition. Commissioning of these projects are scheduled in phases wise manner with 1,000 MW by November 2024, 1,000 MW by November 2025, and balance 333 MW by November 2026,” read the company statement.
In another significant development, Azure Power has received the Letter Of Award (LOA) for its second wind-solar hybrid power project of 200 MW (133 MW solar and 67 MW wind) from Maharashtra State Electricity Distribution Co. Limited (MSEDCL). Solar capacity for the project will be set up in Rajasthan, while the wind capacity will be in Maharashtra.
The projects are scheduled for commissioning within 18 months from the signing of PPA and shall supply power for 25 years at a fixed tariff of INR 2.62 (US 3.5 cents) per kWh.
“We are pleased with our progress on the 4 GW projects with SECI. This is the largest capacity PPA ever for Azure Power in its decade long journey in the renewable energy sector and provides us with an incredible opportunity to support India’s resolve on climate change and being a destination of choice for global investments,” said Ranjit Gupta, MD and CEO, Azure Power. “We are confident that these PPAs and the hybrid projects are a significant step forward in creating a long runway for growth and value accretion for our stakeholders, which we will continue to strengthen with our prudent choice of projects and capital deployment,” added Gupta.
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