With the winning of this project, 86% of 2 GW+ contracted pipeline of the company is with counterparties, having domestic debt ratings between A to AAA
Azure Power, a leading independent solar power producer in India, announced that it has bagged a 300 MW solar PV project from state-run energy company NTPC Ltd. The solar PV project can be situated anywhere in the country and will likely be located outside a solar park. The solar power project is likely to be finished in early 2021.
Azure has signed a letter of award for a 300 megawatt (MW) Interstate Transmission System (ISTS) grid linked solar PV project won in a public auction conducted by NTPC Limited, which has a AAA debt rating in the domestic market and is the largest power utility firm of Government of India, the company said in a statement.
Speaking on the development, Inderpreet Wadhwa, Founder, Chairman and Chief Executive Officer, Azure Power, said, “Our long history of superior solar power operations with NTPC from the inception of National Solar Mission has contributed to our success of winning this 300 MW project with NTPC. We are delighted to make contribution towards the realisation of the Government of India’s commitment towards clean and green energy, through solar power generation.”
To help meet company’s goals
Azure Power will offer power to the state-run company at a rate of Rs 2.59 per kilowatt hour (kWh) for 25 years. With the winning of this project, 86% of 2 GW+ contracted pipeline of the company is with counterparties, having domestic debt ratings between A to AAA. Over 1 GW of the company’s pipeline is with independent counterparties.
Azure Power has 1 GW of large-scale solar projects lined up and around 1.9 GW of projects are in the under-development phase. The solar producer had recently finalised a 200 MW solar power project of $ 88 million in Bhadla, Rajasthan that was granted by Solar Energy Corporation of India (SECI).