Azure Power Marks New Milestone with the Crossing of 2 Gigawatt Solar Portfolio
22 5월 2018 - 7:30PM
Business Wire
- 200 MWs won in Maharashtra at an
average tariff of INR 3.07 (~US 4.7 cents) per kWh
Azure Power (NYSE: AZRE), a leading independent solar power
producer in India, announced that its portfolio has crossed the 2
GW milestone by winning four 50 MW projects for a cumulative
capacity of 200 MWs in the state of Maharashtra. The solar power
project was auctioned by Maharashtra State Power Generation Co.
Ltd. (Mahagenco), the second highest generation company in India,
which is owned by the Government of Maharashtra. Azure Power will
sign a 25 year Power Purchase Agreement (PPA) with Mahagenco at a
tariff of INR 3.07 (~US 4.7 cents) per kWh. The project will be
developed outside a solar park and is expected to be commissioned
in 2019. These 200 MWs won are in addition to the recently 130 MWs
won with Maharashtra State Electricity Distribution Company Limited
(MSEDCL) in Maharashtra, bringing Azure Power’s total portfolio to
337 MWs, making the company one of the largest solar power
suppliers to the state.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20180522005630/en/
Azure Power Solar Plant (Photo: Business
Wire)
Commenting on the occasion, Inderpreet 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 2 GW portfolio through large scale, mini/micro grid and rooftop
solutions across the entire 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.”
Azure Power was founded by Inderpreet Wadhwa in 2008 with a
vision of providing affordable solar power in an efficient,
sustainable and socially responsible manner. Azure Power has
rapidly grown to become one of the largest solar power developers
in the India. The company started its journey over ten years ago by
developing India’s first private utility scale solar plant, a 2 MW
plant in Awan Punjab. Over the last decade, the company has
witnessed tremendous growth and has installed over 1,000 MWs of
solar capacity, with a footprint across 23 states in India.
Approximately 80% of Azure Power’s projects are with counterparties
with domestic debt ratings that are A or higher and the company is
backed by several marquee investors such as Caisse de dépôt et
placement du Québec (CDPQ), International Finance Corporation
(IFC), HelionVenture Partners, Foundation Capital, Société de
Promotion et de Participation pour la Coopération Économique
(PROPARCO), Deutsche Investitions- und Entwicklungsgesellschaft mbH
(DEG) and Netherlands Development Finance Company (FMO).
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, including statements regarding the Company’s future financial
and operating guidance, operational and financial results such as
estimates of nominal contracted payments remaining and portfolio
run rate, and the assumptions related to the calculation of the
foregoing metrics. 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 U.S. Securities and Exchange Commission,
or SEC, from time to time. In the press release, portfolio and the
project represent megawatts 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 a reverse auction but has yet
to receive a 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/20180522005630/en/
Azure Power Global LtdInvestor ContactNathan Judge,
CFAir@azurepower.comInvestor Relations, Azure PowerorMedia
ContactSamitla Subbapr@azurepower.com+91-11- 4940
9854Marketing, Azure Power
Azure Power Global (NYSE:AZRE)
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