NEW DELHI, April 29, 2019 /PRNewswire/ -- Azure Power, a
leading solar power producer in India, announced that it has commissioned a
150 MW solar power plant in Bhadla solar park in Rajasthan. This
section is the first phase of 200 MWs allocated to Azure Power by
Solar Energy Corporation of India
(SECI), a Government of India
enterprise and a company with AA+ debt rating by ICRA, a Moody's
Company. Azure Power will supply power to SECI at a tariff of INR
2.48 (~US 3.6 cents) per kWh for 25
years.
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With this project commissioned, Azure Power now has ~1600 MWs of
high-quality operational solar assets. This makes Azure Power's
portfolio the highest rated large-scale (1) solar
operating portfolio in India with
68% of the company's portfolio with A to AAA domestic rated
counterparties. The company also has the most diversified solar
portfolio in India in highest
radiation zones, spread across 24 states, including a leading solar
rooftop portfolio of over 200 MWs, out of which ~81% of the
projects are with sovereign counterparties.
Azure Power has a strong portfolio in Rajasthan with entities
like National Thermal Power Corporation Limited (NTPC) and SECI
with debt ratings of AAA and AA+ by ICRA respectively. In 2015,
Azure Power developed the first-ever SECI solar power plant in the
state of Rajasthan, which was also the largest solar power project
under India's National Solar
Mission at the time of its commissioning.
Speaking on this occasion, Mr.
Inderpreet Wadhwa, Founder, Chairman
and Chief Executive Officer, Azure Power said, "With this
commissioning, we have one of the highest rated and diverse solar
portfolios in India. This is a
direct result of 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."
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 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
(1) Among solar developers having more than 1.5 GWs
capacity operational
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