Azure Power announced it has received a letter of award (LOA) for a 300 MW solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with an AA+ domestic debt rating by ICRA, a Moody’s Company.
With this win, Azure Power has one of the largest Inter State Transmission System (ISTS) pipeline of projects with sovereign counterparties in India and 86% of the company’s overall pipeline is with strong counterparties that have domestic debt ratings that are A or higher.
Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.58 (~US 3.7 cents) per kWh, which is 5.7% higher than the lowest bid in the market.
The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.
Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer , Azure Power, said, “SECI concluded 1950 MWs of auctions for solar projects last month and we are pleased to win a 300 MW project at a tariff 4% higher than the lowest bid in these auctions. This is a direct result of our strong project development and execution capabilities. We have secured interconnection for over 1.2 GW projects well ahead of schedule in highest solar radiation locations, thus minimizing execution risk and maximizing returns. We are delighted to make this contribution towards the realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”
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