Azure Power, one of India’s leading independent solar power producers, has won a 600-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.
Azure Power Photo (Facebook)
The project is the largest solar auction in India and also the first Interstate Transmission System (ISTS) grid connected solar PV project auctioned by SECI.Azure Power expects to sign a 25-year power purchase agreement with SECI to supply power at a tariff of $0.039 per kWh. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.
The 600 MWs win, out of the total 2,000 MWs tendered in the auction, is the largest allocation of any solar auction in India.
Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power, said, “We are pleased to announce our largest capacity win and with this, we continue to demonstrate our strong project development, engineering, and execution capabilities.”