Azure Power announced that its portfolio has surpassed 3GWs. This milestone was achieved with the company's recent win of a 300MW solar power project in the solar auction conducted by Solar Energy Corporation of India. With this win, 87% of Azure Power's 2.2GW contracted pipeline is with counterparties that have A to AAA domestic debt ratings. Over 1GW of the pipeline is with sovereign counterparties.
The 300MWs are an Interstate Transmission System grid connected solar PV project. Azure Power will sign a 25-year power purchase agreement with SECI to supply power at a tariff of INR 2.64 (~US 3.9 cents) per kWh which was 8% above the lowest bid in the auction. The project can be developed outside a solar park anywhere in India and is expected to be commissioned by 2020.
Commenting on the occasion, MrInderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power said, "We started with the vision of providing affordable solar power for generations and the mission to be the lowest cost power producer in the world. Through our collective efforts and support from our stakeholders, we have achieved this important milestone of crossing a 3GW portfolio with large scale, mini/micro grid and rooftop projects across the country. This achievement is a testament to our strong project development, engineering, and execution capabilities. 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."