Azure Power Wins 200 MW Solar Power Project in Gujarat
03 4월 2018 - 7:30PM
Business Wire
- Azure Power wins 200 MWs in Gujarat;
has largest solar power portfolio in the state (~470 MWs)
Azure Power (NYSE: AZRE), a leading independent solar power
producer in India, announced that it has won a 200 MW solar project
in Gujarat. With this win, the Company now has a total portfolio of
~470 MWs in Gujarat with Gujarat Urja Vikas Nigam Limited (GUVNL),
making Azure Power the largest solar power supplier to the state.
GUVNL has been rated AA- by ICRA, a Moody’s company, which is one
of the highest rated state counterparties in India.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180403005667/en/
Azure Power Solar Plant (Photo: Business
Wire)
Azure Power will sign a 25 year Power Purchase Agreement (PPA)
with GUVNL, at a tariff of INR 3.06 (~US$ 0.05) per kWh, which is
25% higher than the lowest tariff of INR 2.44 (~US$ 0.04) in the
Indian solar market. The project will be developed by Azure Power
outside a solar park and is expected to be commissioned in 2019.
Azure Power has a long history of developing and operating solar
power plants under the Gujarat Solar Policy 2009. Some of the first
solar projects in India were built in Gujarat, given several
advantages the state has including high levels of solar radiation,
an extensive and stable electric grid network, and the strong
credit quality of its DISCOMs. Azure Power developed and is
operating India’s first MW-scale distributed solar rooftop project
in Gujarat’s state capital city, Gandhinagar. In 2013, World Bank
recognized this project as one of the Top 10 public-private
partnerships in the Asia Pacific region.
Commenting on the occasion, Mr Inderpreet Wadhwa,
Founder, Chairman and Chief Executive Officer, Azure Power
said, “Winning this project is a historic milestone for us. We
embarked on our mission to be a leading solar company with a 10 MW
project with GUVNL and as we celebrate our 10-year anniversary,
this 200 MW solar project win with GUVNL takes our portfolio
capacity to over 470 MWs, making us the largest solar power
supplier to the state. This achievement is a testament to our
efficiency and reliability as a trusted solar power producer. We
continue to demonstrate our strong project development,
engineering, and execution capabilities and 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.”
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
with a pan-Indian portfolio. With its in-house engineering,
procurement and construction expertise and advanced in-house
operations and maintenance capability, Azure Power provides
low-cost and reliable solar power solutions to customers throughout
India. It has developed, constructed and operated solar projects of
varying sizes, from utility scale, rooftop to mini & micro
grids, since its inception in 2008. Highlights include the
construction of India’s first private utility scale solar PV power
plant in 2009 and the implementation of the first MW scale rooftop
project under the smart city initiative in 2013.
For more information, visit: www.azurepower.com.
Forward Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. The risks and uncertainties that could cause the Company’s
results to differ materially from those expressed or implied by
such forward-looking statements include: the availability of
additional financing on acceptable terms; changes in the commercial
and retail prices of traditional utility generated electricity;
changes in tariffs at which long term PPAs are entered into;
changes in policies and regulations including net metering and
interconnection limits or caps; the availability of rebates, tax
credits and other incentives; the availability of solar panels and
other raw materials; its limited operating history, particularly as
a new public company; its ability to attract and retain its
relationships with third parties, including its solar partners; its
ability to meet the covenants in its debt facilities;
meteorological conditions and such other risks identified in the
registration statements and reports that the Company has filed with
the SEC from time to time. In the press release, megawatts
portfolio represents the aggregate megawatt capacity of solar power
plants pursuant to PPAs, signed or allotted or where the Company
has been cleared as one of the winning bidders or won reverse
auction, but yet to receive letter of allotment. All
forward-looking statements in this press release are based on
information available to us as of the date hereof, and the Company
assumes no obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20180403005667/en/
Azure Power Global LtdInvestor ContactNathan
Judge, CFAir@azurepower.comInvestor RelationsorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing
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