Azure Power wins 200 MWs in SECI auction

Source: Business Wire

Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has won a 200 megawatt (MW) solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with a AA+ debt rating by ICRA, a Moody’s Company.

 

NEW DELHI--(BUSINESS WIRE)--Azure Power (NYSE: AZRE), one of India’s leading independent solar power producers, announced it has won a 200 megawatt (MW) solar power project through an auction conducted by Solar Energy Corporation of India (SECI), a Government of India enterprise and a company with a AA+ debt rating by ICRA, a Moody’s Company. Azure Power will sign a power purchase agreement with SECI to supply power at a tariff of INR 2.48 (~US$ 0.04) per kWh for 25 years. The solar plant will be set up at Bhadla Solar Park in Rajasthan and is likely to be commissioned in 2019.

The 200 MW allocation is the largest by SECI in this auction, 80% of the total. Azure Power has a long history of developing and operating solar power plants with SECI. In 2015, Azure Power developed a 100 MW solar power plant outside a solar park in the state of Rajasthan, which was SECI’s first allocation and also the largest solar power project under India’s National Solar Mission at commissioning. Today, Azure Power stands with over a 400 MW portfolio with SECI.

Speaking on this occasion, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, “Our long history of superior solar power operations with SECI right from the inception of National Solar Mission has contributed to our success of procuring one of the largest solar power contracts with SECI. We are delighted to make this contribution towards realization of our Hon’ble Prime Minister’s commitment towards clean and green energy, through solar power generation.”

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