NEW DELHI, March 7, 2019 /PRNewswire/ -- Azure Power, a
leading solar power producer in India, announced it has received a letter of
award (LOA) for a 300 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. With this win,
Azure Power has one of the largest Inter State Transmission System
(ISTS) pipeline of projects with sovereign counterparties in
India and 86% of the company's
overall pipeline is with strong counterparties that have domestic
debt ratings that are A or higher. Azure Power expects to sign a
25-year power purchase agreement with SECI to supply power at a
tariff of INR 2.58 (~US 3.7 cents)
per kWh, which is 5.7% higher than the lowest bid in the market.
The project can be developed outside a solar park anywhere in
India and is expected to be
commissioned by 2020.
Speaking on this occasion, Mr Inderpreet Wadhwa, Founder, Chairman and Chief
Executive Officer, Azure Power said, "SECI concluded 1950 MWs
of auctions for solar projects last month and we are pleased to win
a 300 MW project at a tariff 4% higher than the lowest bid in these
auctions. This is a direct result of our strong project development
and execution capabilities. We have secured interconnection for
over 1.2 GW projects well ahead of schedule in highest solar
radiation locations, thus minimizing execution risk and maximizing
returns. 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."
About Azure Power
Azure Power (NYSE: AZRE) is a leading independent solar power
producer with a pan-Indian portfolio over 3 gigawatts. With its
in-house engineering, procurement and construction expertise and
advanced inhouse 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. 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.
Investor Contact
Nathan
Judge, CFA
ir@azurepower.com
Investor Relations,
Azure Power
Media Contact
Samitla Subba
pr@azurepower.com
+91-11- 4940 9854
Marketing, Azure Power
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SOURCE Azure Power